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Bitcoin has surged to $67,000, placing over 75% of short-term holders in profit and suggesting further bullish momentum.
With three-quarters of short-term Bitcoin holders now turning a profit, the cryptocurrency could see further price gains.
This is because, as stated in a report by Glassnode on July 24th:
“This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit. This can be seen within the STH-MVRV metric, which has now recovered above the break-even level of 1.0.”
Relief for Short-Term Investors
Short-term holders, who witnessed almost 90% of Bitcoin's supply fall in late July, can breathe a sigh of relief thanks to the price rebound, Cointelegraph shares.
Investors trying to get a feel for Bitcoin demand and buying trends typically look to the cohort of short-term holders as a surrogate.
Maintaining Critical Support Levels
Despite a $3.9 billion BTC futures expiry that might have sent the price of Bitcoin soaring to $63,000, it was able to settle above a critical support level.
Popular cryptocurrency analyst Rekt Capital stated in an X post from July 26 that, following the rally, Bitcoin must remain above the present $65,000 level, which serves as critical support:
Approaching the $68K Barrier
The psychological $68,000 threshold presents substantial hurdles for Bitcoin, notwithstanding the positive price recovery.
According to data from CoinGlass, if Bitcoin is able to surpass the $68,000 barrier, about $700 million worth of cumulative leveraged short bets might be liquidated across all exchanges.
$68K Barrier Crucial for Potential Short Squeeze
Short liquidations would exceed $1 billion at $68,500, but getting there would be contingent on capital flowing into US spot Bitcoin ETFs.
Farside Investors data shows that US spot Bitcoin ETF inflows have been trending downward since July 23, hitting a cumulative inflow of $31.1 million on July 25.
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