The post Bitcoin’s STH-Realized Price Creates A Strong Support Around $60K! Will BTC Price Rebound? appeared first on Coinpedia Fintech News
April was tough for Bitcoin as it fell below key support levels and approached weekly lows, pressured by macroeconomic and geopolitical issues. Despite the bearish trend, the Short-Term Holder (STH) Realized Price suggests a potential buying opportunity, hinting at a possible bullish reversal.
Bitcoin’s STH-Realized Holds Support
In the past 24 hours, the cryptocurrency market has seen significant selling activity, with total liquidations surpassing $130 million. Both Bitcoin and Ethereum prices are experiencing notable declines, indicating strong selling intent from market participants. Current blockchain analysis shows that the Short-Term Holder Realized Price for Bitcoin is serving as an important support level, making it potentially a good time to purchase Bitcoin during this downturn.
The Short-Term Holder Realized Price is the average price at which Bitcoin was last traded by investors who held onto it for a short period, usually less than six months. This measure is vital as it represents the holding sentiment of the newest market participants and offers insights into price expectations and overall market trend.
Currently, this metric stands at about $59,788, marking it as an essential temporary support level for Bitcoin’s price. With Bitcoin’s market price currently above this metric, it shows that recent investors remain confident and that the market’s upward trajectory might continue. For both new and long-term investors, buying at the current levels could prove to be profitable.
When Bitcoin’s market price is higher than this average, it suggests that short-term holders are not facing losses on their investments, making them less likely to sell at a loss and hence reducing the downward pressure on Bitcoin’s price.
What’s Next For BTC Price?
Bitcoin has been fluctuating between $59,000 and $65,000 for several days, suggesting a strong battle among bulls and bears. Currently, bears are targeting a drop below $60,000 to boost their bearish positions. At present, BTC is trading at $62,919, marking a decrease of over 0.4% in the past 24 hours.
Typically, during such periods, traders tend to purchase near support levels and sell near resistance levels. The $59,000-$60,000 range is expected to be strongly defended by bulls, as breaching it could trigger a deeper correction towards the 61.8% Fibonacci retracement level at $54,400, potentially delaying the start of the next upward trend.
On the other hand, if the price rebounds from the current level or the $59,000 support, it would suggest that bullish momentum holds at lower levels. This could send the BTC/USDT pair towards $65,000 initially, with further targets at the upper resistance level of $67K. A breakout and close above this level would signal the beginning of the next upward phase towards $72,000.
The long/short ratio is dropping significantly, presently standing at 0.7103, with more than 58% of positions expecting an imminent decline in BTC price.
