A recent analysis by Checkmate, the lead on-chain analyst at Glassnode, suggests that Bitcoin (BTC) has reached a “decision point” for price action, but speculators are in control. BTC/USD has been struggling near key trend lines, making long-time market participants increasingly hesitant. On-chain analysts are now focusing on short-term holders (STHs), defined as entities holding coins for 155 days or less, as various metrics specifically covering STHs are approaching “reset levels” after a period of exuberance. Checkmate believes that this could be a healthy retracement required for the continuation of the 2023 bull market, but equally things could turn ugly. Several metrics covering STH profitability, such as STH market value to realized value (STH-MVRV) and short-term holder realized profit/loss ratio momentum, suggest that dip buyers need to step in next to support the Bitcoin price. Checkmate called on hodlers to step in and put in the work if they want higher prices, as near all-time high coin inactivity persists.
Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch
