Bitcoin (BTC) continued to fight Thursday as it struggled to stay over $ 80,000. The largest cryptocurrency with market capital is currently down by 3% a day. It has fallen 13% in the first quarter and is approx. 30% off its highest time from January.

According to Glassnode data, short-term holders are considered investors who have kept bitcoin for less than 155 days-primarily as speculators that tend to enter the market in the price stops or periods of the euphoria of the market. Since February, they have sold more than 100,000 BTC (about $ 8 billion at current prices), a sign that they want to reduce losses (or lock profits) before prices fall forward.

The fall has pushed the Bitcoin award during its 200-day sliding average of $ 86,300. The average is an important metric for long-term market trends, and BTC is not the only risk-in-investing that falls below.

US shares, measured by the S&P 500, have also lost this level. The index is currently around 5,537, while the 200-day average is 5,738.

According to Joe Carlasare, a commercial litigation that supports Bitcoin when the S&P 500 struggles to regain 200-DMA, the story suggests that lower prices are in the offers.

“The S&P 500 is still struggling to recover that 200 days,” he wrote on X. “If we can’t get a big rally over it soon, it makes sense to expect lower prices to look back historically what happens when we lose 200 days.”