Fundamental Development:-
Expansion of short-term BTC holders suggests 'final flush' of sellers
A recent spike in short-term BTC holders could signal a “final flush” of sellers, meaning the capitulation events have played out, leaving the market ready for months of accumulation. The latest The Week On Chain report from market analysis firm Glassnode on Aug. 15 points out that short-term holders (STHs) have expanded their holdings by 330,000 BTC since May’s catastrophic LUNA collapse. As a result, they may be the canary in the coal mine signaling the path to market recovery.During the mass sell offs starting in May through June, Short-term holders of Bitcoin (BTC) established a new trend by buying up extremely cheap coins at or below $20,000 which puts them in an “advantageous financial position.”
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading near previous day low. Yesterday BTC made High 25,200 and decline from that level. Now Bitcoin is struggling to gain momentum above $24,300. Yesterday it made low near $23.750.
Alternative Scenario: If Bitcoin fails to clear the $24,300 resistance zone, it could start another decline. An immediate support on the downside is near the $23,700 level.
Hourly MACD – The MACD is now gaining pace in the bearish zone.