The market value of short-term Bitcoin holders dropped to US$236.2 billion, with key support focusin

Bitcoin fell towards US$64,000, with short-term holders experiencing intensified losses, and the US$63,800 support level becoming the focus.

Recently, Bitcoin prices have slipped towards US$64,000, causing losses for investors holding short-term positions to expand, and key technical support levels have also become the core of market attention. CryptoQuant data shows that the market value of short-term Bitcoin holders has dropped to US$236.2 billion, the lowest level since mid-2024, reflecting the recent intensification of selling pressure on buyers.

The market value of short-term holders is approaching multi-year lows, and losses continue to accumulate.

CryptoQuant's on-chain indicators confirm that the net realized profits and losses of Bitcoin holders have remained negative in recent weeks. This pattern suggests that investors who have bought in recent volatility are continuing to sell below cost, while realized losses have surged multiple times during the market correction.

The sharp decline in the market value of short-term holders suggests that market participants who have built positions in the past few months are continuing to leave. Despite these outflows, based on existing blockchain data, the trend of ownership changes after the sell-off remains unclear.

The current market value controlled by short-term holders is approximately US$236.2 billion, which is close to its lowest level in more than a year. This contraction shows that investors 'purchasing enthusiasm entering the market in 2025 and 2026 has cooled significantly.

Technical analysts are keeping a close eye on several pressured chart prices. Ali Charts pointed to $63,800 as a key decision point on the four-hour time frame, viewing it as immediate support, and noted that if the level is held,$67,000 would be a potential upside target.

Price movements show that short-term holders are making losses as Bitcoin approaches US$64,000, and market attention is focused on the support level of US$63,800. If this support level is maintained, prices may rise back to $67,000, but once they fall below,$60,000 will become the next key level.

If Bitcoin fails to hold the $63,800 mark, the next major technical target will be $60,000, increasing the risk of a deep correction.

Key technical support levels: The range of US$63,800 to US$62,400 determines the next step of Bitcoin.

Further technical analysis strengthens the key role of the current support area. According to widely watched market analyst Titan, Bitcoin has closed below the daily conversion line, a short-term trend indicator in the Imochi Equilibrium Cloud System. The change drew the market's attention to the benchmark of $62,400 as the next reasonable target.

Small Dictionary: Imochi Equilibrium Cloud-A technical analysis system that combines multiple indicators, including conversion lines, baselines and clouds, to identify support, resistance and trend directions in financial markets.

As Bitcoin closes below the conversion line on the daily chart, the benchmark of $62,400 has now become a direct focus for seeking further support. A break below US$63,800 and US$62,400 at the same time may accelerate downward fluctuations and point to the lower boundary of the clouds.

Ali Charts and Titan's comprehensive analysis delineates a key range for the current market direction: US$63,800 to US$62,400. If Bitcoin closes below that range, the chart target of $60,000 will become a reality.

Options market data adds another layer of consideration to the risk landscape. Glassnode reported that Bitcoin's one-cycle 25-delta skew has fallen back to about 4%, while the three-month and six-month skew has remained between 11% and 12%. The difference suggests that while long-term protection against further declines later this year remains costly, short-term downside hedging has weakened.

Indicator (Current value/reference period)
Short-term holder market value: US$236.2 billion/lowest since mid-2024
Key support level: US$63,800/US$62,400/Immediate
Next downside target: US$60,000/If support level breaks
One-week option skew: Approx 4% /Recent
March to June option skew: 11%-12% /Recent

Although continued losses and support tests constitute a short-term picture, whether Bitcoin can stabilize above $63,800 and $62,400 will determine whether the current sell-off is coming to an end or preparing for further declines. Traders and investors are continuing to focus on these levels as the most direct indicator of shifts in market sentiment.