Opinion: Bitcoin's Sharp Drop Fails to Trigger Panic Selling Among Short-Term Holders, $68K Becomes Key Support Level

Crypto analyst Murphy stated that after yesterday's sharp drop in Bitcoin, the high-position trapped positions of short-term holders only loosened slightly. Data shows that the 73,000 to 86,000 USD range holds approximately 1.48 million Bitcoin, accounting for 68% of total short-term holders, all currently in unrealized losses. However, the net reduction in this range yesterday was only 34,000 coins, about 2.3%, indicating that most short-term holders did not panic-sell due to the decline. Specifically, the cost ranges of 75,000 USD, 80,000 USD, and 85,000 USD saw reductions of 7,282, 8,481, and 5,441 Bitcoin, respectively, with selling pressure relatively dispersed. Meanwhile, the total number of short-term holders increased by 17,500 coins net on the day, suggesting that some long-term holders also distributed coins during the decline. The main absorption of coins was concentrated at 68,000 USD, with only that price range adding approximately 42,200 Bitcoin. In terms of profitable positions, the 62,000 to 64,000 USD range holds about 480,000 Bitcoin, currently the only significant profitable position range among short-term holders, with a reduction of only about 3,100 coins yesterday, less than 1%. Murphy believes this range is the nearest support below; if Bitcoin falls into it, the profitable positions of short-term holders would be essentially wiped out, potentially increasing market sentiment pressure. Conversely, if the trapped positions above remain stable, prices may still have a chance to regain support later.