Bitcoin short-term holder losses were minimal over the weekend, and the Monday rally to $70,000 suggests the heaviest selling is done. Will Bitcoin finally break the monthly resistance?
Bitcoin (BTC) rallied to $70,000 on Monday as the shadow of war looms over the entire Middle East. Data from Glassnode shows short-term holder loss transfers to exchanges falling to a two-week low over the past 24 hours, and the slowing exchange flows stand in contrast to the rate of selling seen in early February.
The short-term holder (STH) profit/loss (P&L) to exchanges metric tracks how much Bitcoin recent buyers send to exchanges at a profit or loss. These participants tend to amplify volatility during stress events.
On March 1, the realized losses fell to 3,700 BTC even as geopolitical tensions between the United States and Iran escalated in the Middle East. Bitcoin dipped to $63,000 during that window, but exchange inflows from this cohort did not expand in response.
