Bitcoin (BTC) sellers took control during the European trading session on Tuesday as the BTC/USD pair slipped below the $70,000 mark for the first time since April.
Analysts said that Bitcoin has entered another distribution phase due to high selling pressure and investors realizing losses.
Key takeaways:
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Bitcoin sees renewed distribution as short-term holders sell at a loss and exchange inflows continue to rise.Crypto market sentiment fell back into “extreme fear,” while spot Bitcoin ETFs saw 11 straight days of outflows.Whale activity surged to its highest level since April, signaling possible accumulation despite broader market weakness.Bitcoin holders are capitulating
The Short-Term Holder SOPR (STH-SOPR) metric, a measure of whether short-term holders are selling at a profit or a loss, dropped below 1 as fading US-Iran ceasefire hopes pushed Bitcoin price below $70,000.
Related: Bitcoin bulls consider fresh positions after BTC price drops under $71K
Currently at 0.98, it shows renewed short-term loss realization, suggesting the primary
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