Bitcoin Stuck Below $80K as Short-Term Holders Unload Over 100,000 BTC

Bitcoin (BTC) continues to struggle, slipping 3% on the day and extending its Q1 decline to 13%. Currently trading near $80,000, BTC remains about 30% below its January all-time high, reflecting persistent selling pressure.

According to Glassnode, short-term holders—those holding BTC for less than 155 days—have offloaded over 100,000 BTC (worth approximately $8 billion) since February. These investors, often driven by market sentiment, appear to be locking in gains or cutting losses amid uncertainty.

The recent downturn has dragged BTC below its 200-day moving average of $86,300, a historically significant support level. Meanwhile, the S&P 500 has also dipped beneath its 200-day average, now trading around 5,537 compared to the key threshold of 5,738.

Legal and financial expert Joe Carlasare pointed out on X that failure to reclaim the 200-day moving average could signal further losses ahead. “The S&P 500 struggling to break above this level historically leads to more downside. The same applies to Bitcoin,” he noted.

As risk assets falter, all eyes are on whether BTC can regain momentum—or if further declines are inevitable.