On January 23, bitcoin touched a two-month low of $38,000, becoming undervalued in the short term. Short-term holders’ unrealized profit margins decreased to 0%, and they sold their assets at a loss for the first time since October. Another sign of BTC’s undervaluation was Bitcoin miners getting “extremely” underpaid. This may have led to an uptick in selling pressure from miners as they the biggest selling wave since May 2023 a couple of days ago.
Source: Mandy Williams, 2024-02-05; https://cryptopotato.com/bitcoin-price-recovers-as-demand-remains-positive-cryptoquant/