Bitcoin Price Drop Sparks Over $770M in Selling Pressure
Bitcoin's recent price drop has led to significant selling pressure from short-term holders. Over $770 million worth of BTC was sold at a loss as the market continues to decline. Bitcoin's price fell to around $76,500 on Monday, erasing most of its recent gains due to geopolitical tensions between the US and Iran.
The decline has triggered increased caution among investors, with many recent buyers exiting positions at a loss. On-chain data indicates that over 10,000 BTC were transferred to major exchanges by short-term holders who have held Bitcoin for less than 155 days.
Analysts note that Bitcoin is now trading below key technical levels, including its short-term holder cost basis near $78,000. The rejection from the $82,000 zone and repeated failures around major moving averages have strengthened bearish momentum in the short term.