Analysts say Bitcoin short-term holders sell at loss, market structure remains unchanged

On March 9th, cryptocurrency market analyst Axel stated that in the past 8 days, the SOPR indicator for short-term Bitcoin holders has been below 1.0 for 7 days, indicating that this group continues to sell below cost price. Only on March 4th, when the price briefly touched $70800, the indicator broke through 1.0 and quickly returned to a loss selling mode. The short-term holder supply has decreased from approximately 6.06 million BTC to 5.92 million BTC, a decrease of 140000 BTC within two weeks, with an average cost of approximately $89028. The current market price is approximately $67175, with a price difference of 24%. Axel pointed out that a decrease in supply may reflect the realization of losses or the conversion of chips into long-term holdings, resulting in a huge gap between cost price and current price, leading to oversupply, and price rebound may further suppress the rebound strength. The transformation of the market pattern requires waiting for SOPR to stabilize above 1.0 for several consecutive days and for prices to rise synchronously.