BlockBeats News, January 6 — CryptoQuant analyst Axel posted on social media that the current state reflects that the selling pressure from key groups (short-term holders) is being suppressed, and there is no clear demand confirmation. The key deterioration trigger is the SMA continuously closing below the zero line, which will mark a transition into the distribution zone. The Short-Term Holder Realized Price (STH Realized Price) refers to the average acquisition cost of coins held for 155 days or less. Currently, BTC is trading below this price, indicating that the average short-term holder is at a loss. Being “underwater” limits this group’s profit-taking potential, with the $100,000 level forming a local resistance. This currently reduces selling pressure and explains why, despite a price correction, oscillators can still remain in an accumulation zone with suppressed selling pressure. Once the price reaches $100,000 and this group returns to breakeven, short-term holders will start to sell, creating downward price pressure. The key confirmation signal for market strength is the price closing above the short-term holder realized price.
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