Over 2 Million Bitcoin Held by Short-Term Holders Are Underwater

The recent volatility in the crypto market has raised concerns about Bitcoin's short-term holders (STH), who have held BTC for six months or less. Key points include:

Current STH realized price is $88.4K, close to the critical support level of $89.25K.
2 million to 3.6 million BTC held by STH are currently underwater, but below historical distress levels.
Analysts anticipate a potential surge to $118K, which could return many STH to profitability.
MVRV-Z score indicates potential for BTC growth before reaching local peaks; currently below 1.5 suggests undervaluation.
A drop below the STH cost basis of $88.4K could negatively affect market sentiment.

As of now, BTC is priced at $99.9K, approximately 7% away from its all-time high of $108.3K.