Bitcoin Short-Term High Is Still Red Despite New Whale Accumulations

The digital asset market has shown signs of a rebound in the last seven days, although headwinds still limit the recovery. The recent downturn crashed crypto prices and left lingering effects on new holders. At the time of writing, Bitcoin’s price rose 2.7% in the past seven days to $87,526. Despite trading below the $100k mark, previous data might favor a turnaround with whale accumulations. STH Unrealized Losses at 4% A new CryptoQuant report shows that the short-term high remains negative following the downtrend in crypto prices. Short-term holders’ realized price is now at $90,800, down 4% compared with the market value to realized value ratio. This year, Bitcoin’s price nosedived from an all-time high above $108k to current levels. This loss of value has taken a toll on relatively new holders, weakening the broader sentiment. Bulls will face further resistance if present factors persist due to sell pressures. This period was categorized with inflows to centralized exchanges and an outflow reduction in miner reserves to hedge against losses. “(Short term holders) continue to face unrealized losses of around 4%, meaning the STH MVRV ratio is currently at 0.96. The MVRV (Market Value to Realized Value) ratio is an indicator that compares total market capitalization with realized capitalization. Realized capitalization represents the average purchase price, and in this case, it refers specifically to STH (Coin held