The weekly recovery of over 7% has pushed bitcoinâs price briefly above $67,500 â a level not seen in almost a month. The worldâs leading crypto asset is currently eying to establish a new peak.
With the latest upward price action, BTC has found new support. If flipped, however, this level could also prove to be a major resistance area.
The level of $61.5k could potentially serve as strong support for the asset when considering the Short-Term Holder (STH) Realized Price, a metric that reflects the realized capital of those BTC holders who have held their coins from a day to six months.
This group of investors makes up 53.48% of the total market cap and hence carries a significant weight.
Within this cohort, CryptoQuant identified the 0-day to 1-week Bitcoin STH, capturing 10.6% of the market, closely tracks the spot price, and thus often does not indicate significant variance. Meanwhile, the 1 week to 6 months group, accounts for 47.78% of the market provides a more accurate reflection of short-term trader actions and sentiment.
Notably, the 1-3 month holders who entered during Marchâs rally now command more than 30% of the realized cap, reflecting a substantial transfer of volume from long-term to short-term holders.
This sensitivity of investors to the STH realized price could lead to $61.5k acting as a pivotal level, as per CryptoQuantâs analysis, which, if breached decisively, may flip from a support to a strong resistance.
Bitcoinâs price has improved since last week and is currently hovering a little below $67,500 after surpassing this level over the weekend. The level has been deemed noteworthy by 10x Researchâs latest newsletter as well, which stated that a break above could lead to new all-time highs.
The post This Bitcoin (BTC) Support Level Could Flip to Resistance if Broken appeared first on CryptoPotato.
With the latest upward price action, BTC has found new support. If flipped, however, this level could also prove to be a major resistance area.
$61.5K: Crucial Level Emerges
The level of $61.5k could potentially serve as strong support for the asset when considering the Short-Term Holder (STH) Realized Price, a metric that reflects the realized capital of those BTC holders who have held their coins from a day to six months.
This group of investors makes up 53.48% of the total market cap and hence carries a significant weight.
Within this cohort, CryptoQuant identified the 0-day to 1-week Bitcoin STH, capturing 10.6% of the market, closely tracks the spot price, and thus often does not indicate significant variance. Meanwhile, the 1 week to 6 months group, accounts for 47.78% of the market provides a more accurate reflection of short-term trader actions and sentiment.
Notably, the 1-3 month holders who entered during Marchâs rally now command more than 30% of the realized cap, reflecting a substantial transfer of volume from long-term to short-term holders.
This sensitivity of investors to the STH realized price could lead to $61.5k acting as a pivotal level, as per CryptoQuantâs analysis, which, if breached decisively, may flip from a support to a strong resistance.
New Peak for Bitcoin Soon?
Bitcoinâs price has improved since last week and is currently hovering a little below $67,500 after surpassing this level over the weekend. The level has been deemed noteworthy by 10x Researchâs latest newsletter as well, which stated that a break above could lead to new all-time highs.
The post This Bitcoin (BTC) Support Level Could Flip to Resistance if Broken appeared first on CryptoPotato.
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