Are longterm holders worried as Bitcoin falls below 54000

CoinDesk reports:
There has been significant volatility among a certain group of long-term BTC holders. BTC has dropped below a key support line in the past 24 hours.
It has not been a pleasant week for Bitcoin, the world’s largest cryptocurrency, which has depreciated by 9% in the past 7 days. In fact, due to the large scale of depreciation, BTC even briefly fell below $54,000 at one point, but has since rebounded to $55,275 at the time of writing.
Indeed, as Bitcoin prices have fallen, the cryptocurrency has also breached key thresholds on the charts, prompting caution among long-term investors. This shift may be related to recent activities of an exchange that went bankrupt over a decade ago.
Long-term BTC holders taking action
An analysis by AMBCrypto recently revealed a significant trend among long-term Bitcoin holders and the spent output profit ratio (SOPR) for the spent output age bands. The SOPR for long-term holders exceeded 10.
This indicates that despite the drop in BTC prices, these holders have made substantial profits when moving their BTC to exchanges. As shown in the current chart, SOPR values above 1 highlight this trend.
Furthermore, AMBCrypto’s study of the spent output age bands provides insights into a specific group of long-term holders actively moving Bitcoin.
Data shows that holders in the 5-7 year age band were the most active, moving over 10,000 BTC on July 3. This was the highest volume for this group in several months.
Mt. Gox Factor
In addition to the impact of the falling Bitcoin prices, the latest developments surrounding the now-defunct Mt. Gox exchange may also influence the behavior of long-term holders.
Reports indicate that Mt. Gox recently transferred a large amount of Bitcoin to another wallet, including some transactions to hot wallets.
These actions are part of the exchange’s preparations to repay creditors more than a decade after its collapse.
According to Arkham, Mt. Gox’s Bitcoin movements involve 47,229 BTC, worth approximately $2.71 billion, which is significant.
With Mt. Gox set to repay creditors with Bitcoin worth around $8.5 billion, these transactions are expected to prompt long-term holders to move their Bitcoin holdings.
This move may be due to concerns that these large repayments could further drive down the price of BTC.
More shorts dominate Bitcoin trading
As of the time of writing, Bitcoin’s trading price is around $55,300 based on its daily timeframe price trend. Additionally, recent analysis suggests that shorts have dominated the market in the past 48 hours.
Read Bitcoin’s [BTC] price forecast for 2024-25
According to Coinglass’ BTC long/short ratio chart, the proportion of short positions is 52.64%, while long positions on July 4 were 47.36%.
The short ratio has slightly increased to 52.81%, while the long ratio has decreased to 47.19%.