Bitcoin Rally Halted as STH Profit-Taking Surges
Bitcoin's recent push towards $80,000 has stalled due to increased profit-taking by Short-Term Holders (STHs). The price dropped from $79,473 to $75,568 as STHs sent 53,000 coins to exchanges in the past three days. This sharp rise in selling activity represents a significant portion of the market's turnover and has hindered the rally.
Despite this setback, Bitcoin is still trading above its previous low of $71,000 and holding support at around $75,568. The RSI reading of 68.73 confirms that there is less pressure from being overbought, while the MACD indicator has not yet crossed below zero, indicating ongoing upward momentum.
However, the rally remains narrow and driven by short-term capital, rather than committed accumulation beneath price strength. This is evident in the rapidly declining Binance Spot Delta, which indicates why the rally could not sustain itself at higher levels.