Bitcoin Resistance: Here Are The Challenges Ahead For BTC
2024年8月21日 - 6:30PM
NEWSBTC
Bitcoin has certain on-chain resistance levels coming up that could
threaten future rallies. Here are the exact prices at which they
lie. Bitcoin Short-Term Holders Have Their Cost Basis At These
Levels Ahead As explained by CryptoQuant author Axel Adler Jr in a
new post on X, the BTC short-term holders currently have their cost
basis levels between $62,000 and $65,000. The on-chain relevance
metric here is the “Realized Price,” which keeps track of the
average acquisition price on the Bitcoin network. Related Reading:
Bitcoin Recovers To $61,000, Here Are The Possible Reasons When
this indicator is above the cryptocurrency’s spot price, it means
the average investor in the market is underwater right now. On the
other hand, it being below BTC’s value suggests the dominance of
profits on the network. In the context of the current topic, the
Realized Price of the entire userbase isn’t of interest, but only
that of a specific segment of it called the short-term holders
(STHs). The STHs refer to the investors who bought their coins
within the past six months. This Bitcoin cohort has historically
acted erratically, easily selling whenever a major change in the
market has occurred, like the emergence of a rally or crash. Below
is the chart shared by the analyst that shows the trend in the
Realized Price of the STH group, as well as that of a few
subdivisions of it, over the past year: As is visible in the above
graph, the Bitcoin STH Realized Price is currently around $64,000,
which means these investors are in a state of net loss. The
Realized Price broken down for each segment of the cohort reveals
the STHs who bought between 3 and 6 months ago are in the deepest
loss as their cost basis is at $65,800. The 1- to 3-month investors
are close to the average of the whole cohort, with the metric being
$64,200. The most recent buyers (1 week to 1 month) are in the best
position as they acquired their coins at an average cost of $62,400
per token. To any investor, their cost basis is naturally an
important level, but the STHs especially can be sensitive to
retests of it. Thus, if the price rallies to one of these levels,
then it’s likely that these holders will produce some reaction.
Related Reading: Bitcoin Holders Now Doing Loss-Taking: Sign That A
Turnaround Is Near? However, as the STHs are currently carrying a
loss, they may be looking forward to the retest so they can sell
and get their investment back. As such, Bitcoin could feel some
resistance when it travels up to these Realized Price levels. BTC
Price Bitcoin had risen above the $61,000 level but appears to have
seen a sharp retrace since then, as its price is already back at
$59,000. Featured image from Dall-E, CryptoQuant.com, chart from
TradingView.com
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