Bitcoin Bounces Back Above $64K as Short-Term Holders Flip to Buying

Bitcoin's price has bounced back above $64K after hitting a low of $62,466 on July 31st. The rebound follows concerns over a hack of Coldcard hardware wallets, which contributed to the sell-off.

The early stages of the sell-off were led by short-term holders (STH), who tend to be more sensitive to price fluctuations. However, STHs have since flipped to net purchases, indicating panic selling has given way to accumulation.

Long-term holders (LTH) also played a role in driving down Bitcoin's price, with LTHs booking more profit than STHs according to the Spent Output Profit Ratio (SOPR). The market still needs this LTH selling to cool down before it can steady.