Bitcoin Experiences Market Turmoil as Short-Term Investors Panic

A recent analysis of Bitcoin’s market performance reveals a decline in its price, leading to increased panic among short-term investors. Here’s a closer look at the current situation and its implications.

Bitcoin in ’Extreme Panic’ State

Bitcoin [BTC] has declined to hit a low of $81k over the past day, with a 1.40% fall on the weekly charts and 0.51% drop on daily charts. Short-term investors have entered a period of extreme panic and fear, as per CryptoQuant analysis. Since the beginning of February, short-term holders have been consistently selling their coins at a loss, signifying their lack of market confidence.

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Bukele May Visit Trump as Bitcoin Goals Align

El Salvador’s President Nayib Bukele has signaled his openness to meeting with former US President Trump, fueling speculation about deeper ties between the two leaders, particularly around Bitcoin. While no official plans have been announced, such a visit would make Bukele the first Western Hemisphere leader to meet Trump at the White House during his current term. On March 28, Bukele responded positively to reports that Trump might invite him to Washington, even joking on social media about bringing “several cans of Diet Coke”—a reference to Trump’s favorite drink. The two leaders have maintained friendly relations since Trump returned to office, with Trump publicly thanking Bukele earlier this year for his support on US border matters.

Crypto Markets Brace for Impact as 5 Key US Economic Indicators Loom

Traders and investors will focus on the release of US economic data, particularly the Job Openings and Labor Turnover Survey (JOLTS) on April 1, which tracks job vacancies and indicates employer confidence and labor market demand. Strong job openings could suggest a robust economy and potentially impact Bitcoin and altcoin prices, driving volatility in the crypto markets.

Bitcoin Market Faces Continued Headwinds; Short-Term Holder SOPR Negative

Bitcoin recovered the $88,000 mark last week but faced significant resistance, leading to a pullback NEAR $81,000. During this, notable selling pressure came from investors selling at a loss. The bearish pressure intensifies as Bitcoin struggles within the $83,000 and $82,500 range. Short-term holders are feeling the ongoing volatility harder than long-term holders, with a persistent negative Short-Term Holder Spent Output Profit Ratio (SOPR) trend observed by on-chain and technical expert Darkfost.