A Descent Into Digital Despair 😩

The Inexorable Question: Why does Bitcoin weep this week?

Ah, the short-term holders… those poor, misguided souls. They’ve been shedding their Bitcoins like autumn leaves, a staggering 148,000 of them, at a most unfortunate loss. And the sharks? They’re circling, of course. 53.7k BTC less in their coffers, just adding to the… atmosphere. It’s a veritable deluge of despair, don’t you think? 🧐

What, then, must the afflicted trader observe?

Unless this relentless selling abates – and one always questions the nature of such abatement – Bitcoin risks a plunge towards the ignominious depths of $94,000. A return to $99,000? A pleasant fantasy, perhaps, but only if a new wave of demand washes over the market. A demand, I might add, suspiciously absent at present.

Bitcoin [BTC], our modern-day Moloch, continues its downward spiral within a confining channel, a sort of digital purgatory established in late October. The price action… weak. Consistently lower lows. It’s almost…predictable. A tragedy, really, for those with a penchant for excitement. 🎭

As of this very instant, BTC languishes near $96,041, having surrendered 5.91% today, and a more substantial 8.7% this week. A veritable hemorrhage.

This weakness, naturally, has left short-term holders… uncomfortable. To put it mildly.

The Anguish of the Recent Buyer

Indeed, these recent entrants into the Bitcoin arena find themselves facing the harsh reality of unrealized, and very real, losses. The data reveals a surge in Short-Term Holder [STH] unhappiness – a rising tide of red ink.

The Checkonchain data, ever the bearer of grim tidings, indicates that Short-term Holder Supply in Loss has swollen to 4.9 million BTC. A level not seen since April, when BTC flirted with the somewhat more palatable range of $74,000 to $76,000. Ah, nostalgia… for higher prices!

This spike, you see, signifies that these individuals acquired BTC at a cost exceeding its current, rather diminished, value. Such is life, is it not? A perpetual lesson in miscalculated ambition.

Historically, such mounting losses… precipitate panic. A decline in confidence. A general sense of foreboding. Can one blame them? 🤔

A Flood of Capitulation

According to CryptoQuant, those unfortunate STHs have dumped a considerable 148,000 BTC purchased at prices above $100,000 over the past two days. A veritable fire sale!

This coincided, quite predictably, with BTC’s descent towards $96,000, a level well below the $102,000 and $107,000 cost-basis zones of these unfortunate holders. The effect? Widespread fear, of course. STHs capitulated, accepting their losses rather than risking further… shall we say, discomfort.

And the sharks and the fish? They mirrored this behavior. Checkonchain’s charts reveal that Sharks (100-1k BTC) have suffered a −53.7k BTC change in balance over the past 30 days. A grim statistic, indeed.

The Fish, those smaller players (10-100 BTC), experienced a −16.4k BTC change, confirming this broadly-based selling pressure. A coordinated retreat, one might say. Revealing a decidedly bearish sentiment amongst recent acquisitions. Oh, the irony! 🙃

Such a synchronized selling spree suggests a rather… pessimistic outlook among the current crop of buyers.

The Possibility of Further Ruin…

Each attempt at upward movement has been met with relentless selling from those same short-term holders. Momentum remains, shall we say, lackluster. Recovery attempts are futile.

If these STHs continue their dispossession of coins, and demand remains woefully insufficient, BTC may stumble towards – brace yourselves – $94,106. A rather unpleasant prospect, is it not?

However, if, by some miracle, STH spending diminishes and a flicker of demand ignites, then perhaps, perhaps, a rebound towards $99,314 may be conceivable. But, and this is a crucial “but”, it remains a distant, and increasingly improbable, hope. A cruel mirage in the desert of digital finance.

2025-11-16 17:19

Bitcoin’s Abyss: Will it Fall?