Bitcoin is facing selling pressure from short-term holders who sent over 27,000 BTC to exchanges for profit-taking within 24 hours. Concurrently, a key on-chain metric, the Inter Exchange Flow Pulse (IFP), has crossed its 90-day moving average for the first time in nearly a year, signaling a potential shift in market risk appetite towards speculative positioning. Analysts note a key technical test lies near the $79,000 resistance level.
Bitcoin is experiencing selling pressure from short-term holders after its recent upward movement, while another on-chain metric suggests that market risk appetite could be increasing. CryptoQuant contributor Darkfost stated that short-term holders have sent in excess of 27,000 BTC to exchanges in the last 24 hours.
Darkfost noted the only short-term holders realizing profits are those who purchased Bitcoin between the past week and month at an average price of approximately $68,000. He explained that “the uncertainty regarding the macroeconomy and the negative short-term news flow is a major contributor” to the quick selling.
Simultaneously, analyst RugaResearch reported that Bitcoin’s Inter Exchange Flow Pulse has broken above its 90-day moving average for the first time in roughly one year. This metric tracks Bitcoin moving from spot to derivative exchanges, indicating a shift in speculative positioning.
RugaResearch explained that the signal itself does not indicate a rapid new high, as the period following the crossover has historically shown short-term volatility. The first key technical area to be tested lies near $79,000, which acted as a price cap earlier in the year.
TradingView data shows Bitcoin trading around $70,300, down 0.8% over 24 hours but still up approximately 4.2% over the last seven days. The combination of profit-taking and a bullish derivatives signal suggests Bitcoin may be entering a volatile phase.
