The crypto market is currently showing a negative trend, with Bitcoin (BTC) price continuing to move sideways. The latest data shows that the portion of short-term holders (STH) has dropped from 55% three months ago to 40%.

The realized price for STH holding BTC for one week to six months is getting closer to the market price. This suggests that STH is likely to react more sharply to price fluctuations in the near future.

However, there is optimism about BTC. The critical price level for STH is $62.7K, and BTC is currently at $61.8K. If BTC is able to break through $63K with trading volume support, a short-term bullish momentum could occur.