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CryptoQuant Analyst: Short-term Bitcoin holders are taking profits on rallies rather than continuing to hold.
Golden Finance reports that CryptoQuant analyst Axel Adler stated that Bitcoin has recently attempted three times to reach around $82k, but each time it was met with a pullback. During each rebound, the STH-SOPR indicator rose to around 1.0 before weakening again, indicating that short-term holders are taking profits and exiting during the rally rather than continuing to hold. Currently, $82k is not only a key resistance level on the technical side but also an important area of selling pressure on the market behavior level, forming a strong sell zone.