Assessing Bitcoin’s latest recovery attempt after $23.4B in longs crowd the market

With Bitcoin [BTC] attempting to stabilize near $65,200, Short-Term Holder (STH) behavior is becoming increasingly important for its recovery. In fact, at the time of writing, the 30-day STH SOPR had risen to 0.997, placing it just below the neutral 1.0 threshold.

The fact that STHs are making a small loss on sales right now suggests they may be less likely to sell now than when the price was near 0.98 back in March.

Short-term holders have shown similar recoveries to this one previously, hitting the break-even point in January and May. However, the same soon fell back.

Therefore, another rejection could encourage holders to exit as the price approaches its Cost Basis.

However, a sustained move above 1.0 would change that structure by returning short-term spending to profit. That shift would strengthen holder conviction and provide firmer support for Bitcoin’s recovery.

Bitcoin long exposure hits a record high

With short-term holders nearing breakeven, Bitcoin’s recovery now faces pressure from an increasingly crowded derivatives market.

Specifically, the amount of long exposure by traders hit a record 361,000 BTC. Meanwhile, the amount of short exposure was less than 264,000 BTC at press time.