Bitcoin Short-Term Holders Sell 100,000 BTC Since February; Further Drop Likely if 200-Day Moving Average Not Recovered

# Bitcoin's 30% Decline Attributed to Short-term Holder Sell-offs *By Dongseon Jang, New York Correspondent* Bitcoin has dropped 30% from its all-time high, a decline partly driven by selling from short-term holders, according to recent data. CoinDesk, citing Glassnode data, reported on the 13th (local time) that short-term Bitcoin holders sold over 100,000 BTC (approximately $8 billion at current prices) since February. Short-term holders, defined as investors who hold Bitcoin for less than 155 days, typically enter the market during peaks or periods of heightened investor enthusiasm. Large-scale sell-offs by short-term holders are often seen as signals to reduce losses or realize gains before potential further declines. Currently, Bitcoin is struggling to stay above the 200-day moving average line ($86,300). The 200-day moving average is a critical indicator for determining long-term market trends. The S&P 500, a benchmark index for the U.S. stock market, has also fallen below its 200-day moving average (5,738). As of CoinDesk's latest data, the S&P 500 index stood at approximately 5,537. Joe Carlasare, a lawyer and Bitcoin advocate, noted that if the S&P 500 fails to recover its 200-day moving average, historical trends indicate a continuation of price declines. “Currently, the S&P 500 is struggling to reclaim its 200-day moving average,” Carlasare mentioned on X (formerly Twitter). “If a strong rebound does not occur soon, it is rational to expect lower prices. Historical data shows what tends to happen when the 200-day moving average is lost.” At 1:40 PM New York time on the 13th, CoinMarketCap showed Bitcoin was trading at $80,176, down 2.81% from 24 hours prior. While Bitcoin recovered to $84,000 overnight, it failed to maintain momentum and retreated once again.