BTC and S&P 500 Face Technical Hurdles, Signaling Potential Bitcoin Price Weakness

Bitcoin Battles to Hold $80K as Short-Term Holders Dump Over 100,000 BTC

Bitcoin (BTC) is struggling to regain momentum, dipping 3% on the day and posting a 13% decline for Q1. Currently trading near $80,000, the cryptocurrency remains about 30% below its January all-time high, signaling ongoing market weakness.

Glassnode data reveals that short-term holders—investors who have held BTC for under 155 days—have sold over 100,000 BTC (roughly $8 billion) since February. This selling pressure suggests these speculators are either securing profits or bracing for further declines.

BTC has now slipped below its 200-day moving average of $86,300, a critical indicator for long-term trends. Notably, the S&P 500 has also fallen under its 200-day moving average, now sitting at 5,537 compared to the key level of 5,738.

Bitcoin advocate Joe Carlasare highlighted this technical weakness, noting historical trends could point to further downside. “The S&P 500 is struggling to reclaim the 200-day moving average,” he wrote on X. “If we don’t see a breakout soon, lower prices could be ahead.”

With macroeconomic concerns weighing on risk assets, BTC’s ability to reclaim key levels remains uncertain, leaving traders on edge.