Bitcoin Slips Back Below $57,000 as Short-Term Holders Threaten ...

Bitcoin Fails to Hold Levels Above $58,000 as Short-term Holders Threaten Volatility

Bitcoin (BTC) failed to hold levels above $58,000, slipping below the level on September 5th, 2024. Data from CoinGecko showed that the price of Bitcoin was trading at $56,794, up 0.6% in the past 24 hours and down 4.7% on the week. The cryptocurrency's drop to a little below 20% under its all-time high could be impacted by short-term holders who are currently underwater on their investments and potentially trigger significant market volatility if they decide to cut their losses, according to a report by blockchain intelligence firm Glassnode.