Analysts say short-term Bitcoin holders are experiencing heavier losses, with the MVRV indicator signaling bearish pressure.

Cryptoquant analyst Darkfost stated that Bitcoin is currently fluctuating between $65,000 and $70,000, which is lower than the average holding cost of short-term holders at $85,900. Nearly all investors have been at a loss over the past six months. The MVRV indicator is now around 0.77, below a neutral and reasonable level, and fell to 0.7 at the end of February. Short-term holders are experiencing an average unrealized loss of about 30%. Prolonged periods at deeply negative levels typically mean short-term holding groups are under significant pressure, which may add to market volatility. However, historical patterns show that this phase is suitable for gradually building long-term positions.