LTHs cut losses, STHs take profits as Bitcoin rebounds

According to on-chain analytics firm Glassnode, the recent rebound in Bitcoin has been met with an increase in both stop-loss selling from long-term holders and profit-taking from short-term holders. The firm noted that in addition to selling pressure from long-term holders trying to cut their losses, short-term holders who bought near the recent bottom are now engaging in their largest scale of profit-taking since May. Glassnode concluded that on-chain data shows Bitcoin is currently under pressure from both of these selling forces simultaneously.