The cryptocurrency market currently experiences significant selling pressure from short-term holders of Bitcoin. This pressure stems from the fact that many investors bought their Bitcoin within the last few months and are now seeing losses as prices remain stagnant around $113,600 to $115,600. Insights from on-chain analytics firm Glassnode reveal why this trend is occurring and its implications for Bitcoin’s price action. The analysis shows a specific range where many of these short-term holders are holding their positions – effectively underwater – creating a major selling pressure that is limiting the cryptocurrency’s growth. This creates resistance at $113,600 to $115,600, as sellers try to sell at any price in this range, creating strong downward pressure on prices.