This Bitcoin (BTC) Support Level Could Flip to Resistance if Broken
The weekly recovery of over 7% has pushed bitcoin’s price briefly above $67,500 – a level not seen in almost a month. The world’s 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.
$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 March’s 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 CryptoQuant’s analysis, which, if breached decisively, may flip from a support to a strong resistance.
New Peak for Bitcoin Soon?
Bitcoin’s 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 Research’s latest newsletter as well, which stated that a break above could lead to new all-time highs.
“Bitcoin’s price action has significantly improved since last week. Prices have rebounded towards their late April resistance zone (67,500), surpassing the early May highs (64,000). A breakthrough above 67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
The post This Bitcoin (BTC) Support Level Could Flip to Resistance if Broken appeared first on CryptoPotato.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings