Bitcoin experienced a failed rebound on December 25 as it struggled to reach the $100,000 milestone, leaving short-term holders concerned about the possibility of a recovery in the near future.
The sentiment surrounding Bitcoin has turned bearish following its inability to reach $100,000, resulting in a drop below $97,000 and a negative impact on its market dominance. This sentiment is further reflected in the decrease in activity among short-term holders, as indicated by the Addresses by Time Held indicator.
The decline in short-term holders holding Bitcoin between 30 and 365 days suggests waning confidence among investors, which could lead to continued downward pressure on the cryptocurrency’s value in the short term. Additionally, the Short-Term Holder-Net Unrealized Profit/Loss (STH-NUPL) metric has fallen into the hope or fear zone, indicating investor skepticism about a significant BTC rebound.
In terms of price prediction, Bitcoin faced resistance at $99,332 and failed to rally towards $108,398. The Relative Strength Index (RSI) dropping below the 50.00 neutral point suggests bearish momentum around BTC, potentially leading to a decline to $85,851. However, if bulls manage to push Bitcoin above the $99,332 resistance, the trend may change, and the price could move closer to $110,000.
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