Bitcoin: Why ‘old guns’ ignore the $68K stall as STHs grow anxious

ambcryptoPublished on 2026-02-18Last updated on 2026-02-18

Abstract

Bitcoin is currently holding near $68,200, but a divergence in investor behavior is shaping market dynamics. Short-term holders (STHs) are showing signs of anxiety, with their net buying activity slowing down compared to earlier spikes. This reduction in STH demand is contributing to sideways or choppy price movement, as this group often drives strong upward momentum. In contrast, long-term holders (LTHs) remain calm and continue to hold their positions, preventing deeper price declines. Data indicates that the MVRV Z-Score Accumulation Signal is near a buying zone, suggesting experienced investors are accumulating during this period of uncertainty. The price is trading above a key support level around $64K but faces resistance near $71K. For a significant breakout to occur, STHs need to return with stronger buying interest. Until then, the market is likely to remain range-bound, with LTHs providing stability and STHs holding the key to the next major price move.

Bitcoin may still be holding strong, but not everyone is buying right now. Short-term traders (STHs) are stepping back, but te long-term holders (LTHs) are staying right where they are.

STHs are getting anxious

Recent data per Alphractal showed that the STH Net Position Change was in positive territory, so there was meaningful buying taking place. However, the size of these inflows has dropped compared to earlier spikes.

Source: Alphractal

The STH engine slowdown matters because they often cause strong moves up. When their demand fades, Bitcoin [BTC] can go into sideways movement or just more chaos.

It’s not any more of a crash than there already is, but it does say that the market is stepping into a more cautious time period.

Meanwhile, LTHs are very calm

Instead of reacting to short-term price swings, they’re holding their positions.

Source: CryptoQuant

According to a recent report by GugaOnChain, Bitcoin’s MVRV Z-Score Accumulation Signal was at 0.48 at press time. This level is close to what is considered a buying zone.

It happens when experienced investors build positions during uncertain times.

Source: CryptoQuant

Confidence in BTC is intact as it stands. While STHs may hesitate, the older guns seem willing to wait!

Content to wait and watch

This divide between both brackets of holders has showed up on the price chart.

Source: TradingView

At the time of writing, Bitcoin was trading near $68,200, above a strong support zone around $64K. This was while facing resistance near the $71K level.

Price moved in a tight range, so the market is hesitant.

When STHs slow their buying, Bitcoin often loses pace and struggles to go higher. On the other hand, LTH confidence helps prevent deeper drops.

For a major move to happen, STHs will have to step back with strength.

Final Summary

  • LTHs are preventing a deeper crash despite weaker STH demand.
  • A breakout above $71K resistance will depend on STHs returning stronger.
Next: Can Dogecoin defend $0.10 as selling pressure builds?
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Related Questions

QWhy are short-term holders (STHs) becoming anxious according to the article?

ASTHs are becoming anxious because their net position change shows a slowdown in buying activity, which has dropped compared to earlier spikes, leading to potential sideways movement or increased market chaos for Bitcoin.

QWhat is the current behavior of long-term holders (LTHs) amidst Bitcoin's price stall?

ALTHs are remaining calm and holding their positions instead of reacting to short-term price swings, demonstrating confidence and preventing deeper price drops.

QWhat does the MVRV Z-Score Accumulation Signal of 0.48 indicate for Bitcoin?

AAn MVRV Z-Score Accumulation Signal of 0.48 is close to the buying zone, indicating that experienced investors are building positions during uncertain market conditions.

QWhat price levels are acting as key support and resistance for Bitcoin at the time of writing?

ABitcoin is facing strong support around $64K and resistance near the $71K level, trading at approximately $68,200 within a tight range.

QWhat is required for Bitcoin to break out above the $71K resistance level?

AA breakout above $71K resistance will depend on STHs returning with increased buying strength, as their demand is crucial for significant upward price movements.

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