Analyzing Bitcoin’s price charts – Long-term confidence vs. short-term selling pressure.
Bitcoin (BTC) is experiencing a downtrend, having lost the $92,000 support level in late February, with indicators like the OBV reflecting increased selling pressure. Analyst Darkfost noted a decline in apparent demand since December, with the demand ratio falling below zero by the month's end. Short-term holders, or STH whales, faced significant unrealized losses of $17.52 billion on March 11, contributing to market fear and suggesting potential further selling to mitigate losses. While short-term pressure remains high, medium to long-term holders display confidence through increased holding behavior, especially in older Bitcoin age bands. However, without easing short-term pressures, Bitcoin might drop below $80,000.