Could Bitcoin Lose $73,000 as Demand Weakens? The Data Says It Might
Bitcoin faces renewed downside pressure as data shows short-term holders slipping into losses, weakening demand and growing In an X post on Nov.11, CryptoQuant’s analysis highlighted that Bitcoin’s recent pullback erased the profit cushion of short-term investors.By Nov. 9, Bitcoin’s short-term holder Market Value to Realized Value (MVRV) ratio had fallen to 0.994 from 1.17 in early October.During that period, Bitcoin declined 13%, while the average cost basis of short-term holders increased 2.4%.Bitcoin’s short-term holders are facing mounting pressure as signals suggest recent buyers are taking losses and could sell into rallies near breakeven.Could BTC Fall Below $73,000?CryptoQuant warned that Bitcoin’s failure to reclaim its $75,700 short-term holder cost basis could signal a broader downtrend and August rebound was only a temporary pause.A sustained break below $73,000, followed by a failed recovery, would strengthen the bearish outlook.A report on Nov. 3 showed demand turning negative as futures selling and long liquidations overwhelmed spot buying, weakening Bitcoin’s rebound toward $78,700.Long positions accounted for 70% of roughly $100 million in liquidations across 13 exchanges, pushing Bitcoin toward $76,800.Preview Image: Shutterstock