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Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

Scott Matherson
Scott Matherson
7 months ago
3 mins read
Here’s What Will Happen If Bitcoin Respects This MVRV Ratio Support

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The Bitcoin price is still recovering from a major dip to $60,000 in the first three days of October. As the bulls and long-term holders continue to capitalize on the dip, analysis of on-chain data has revealed that the selling pressure has been eased massively as the majority of short-term holders have exited the market. Interestingly, these short-term holders are accountable for the drop to $60,000, as the data shows many of them exiting the market during the initial decline, further exacerbating the price drop. 

Short-Term Holders Exit The Market

According to an analysis of Bitcoin holder cohorts using data from the CryptoQuant platform, the supply of Bitcoin held by short-term holders has declined substantially since the beginning of the month. Although this contributed to a Bitcoin price decline during this timeframe, it is not necessarily bad for the crypto moving forward. This notable decline is visible in purple bars in the chat below, with every period of price downturns highlighted by an increase in short-term holder selloffs. 

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The Bitcoin price, which ended September around $65,000, kicked off October with a price dip amidst broader market tensions. This, in turn, led to a 7.5% Bitcoin price dip until it bottomed at $60,100. Notably, the chart highlights that this most recent decline to the $60,000 level coincided with the emergence of more purple bars, revealing that the selloff by short-term holders played a significant role in the price decline.

What Does This Mean For Bitcoin?

Moving forward, the selloff from short-term holders and the price decline has given rise to more accumulation by long-term holders. This, in turn, gives rise to the creation of a price floor around $60,000 in the coming weeks and months. It also marks the shift of more bitcoins to stronger hands who would rather hold than sell.

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Notably, the exit of many short-term holders has given rise to a better average cost for the cohort. According to on-chain metrics revealed by a verified CryptoQuant analyst, the average cost of one to three-month holders is now around $61,633, and the average cost of three to six-month holders is around $64,459. 

At the time of writing, Bitcoin is trading at $62,130, which positions it right in the middle of these two key holder cohorts. According to analyst Burak Kesmeci, a decisive close above the $64,500 level would significantly strengthen the bullish momentum, giving both short and long-term holders more confidence to continue holding. On the other hand, if Bitcoin falls below $61,600, it could trigger a wave of additional selling pressure from more short-term holders, potentially leading to further price declines to revisit $60,000 again.

Bitcoin price chart from Tradingview.com
BTC price drops below $62,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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