Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin STH
Demand On The Rise
Key Price Levels
To Watch
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin STH Demand On The Rise Key Price Levels To Watch
by Semilore Faleti
19 minutes ago
in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
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Following a mild price rebound in the past week, Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) has surged
above 98,000 with the market bulls aiming for a return to the $100,000 price
zone. Interestingly, a report from CryptoQuant analyst Darkfost has revealed
an increase in short-term holders demand that has coincided with this
recent price rally.
Related Reading: Who’s Selling Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin? Top Analyst Uncovers Old Whale
Activity
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin STH Appetite Mops Up LTH Selling Pressure
In a QuickTake post on Friday, Darkfost reports that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin long-term holders
are on a selling spree which has been matched by heightened demand from
short-term holders. Based on market conditions, Darkfost explains that ongoing
asset transfer historically occurs only after a local market top or bull cycle
peak indicating a potential concern over Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin following the price
recorrection in December.
In analyzing the asset’s next move based on short-term holders activity
which is currently driving market demand, Darkfost has pinpointed $85,000,
which is the STH realized price, as a critical price region.
For context, the STH realized price represents the average acquisition price
of all BTC held by short-term holders. It often translates into a
physiological zone capable of acting as a support or resistance zone.
With Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin still in the uptrend, $85,000 should be regarded as a vital
support level that can sustain the bull market in the case of a retest. Based
on data on longer STH acquisition periods ranging from 1 week to 6 months,
other significant support levels include $81,000 and $60,000.
However, amidst BTC s recent recovery, a major resistance awaits at
$99,000 which represents the realized price for STH that emerged in 1 week -1
month. This is because as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin approaches $99,000, these newer entrants are
likely to sell in order to recover their initial investments which may prevent
further growth.
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‘Sweet Spot’ – And It’s Much Higher
SOPR Shows No Profit For Short-Term Holders
In other developments, Darkfost also notes that the short-term holders
spent output profit ratio (SOPR) is currently neutral with a value of 1 after
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s retracement from $108,000 in December.
This suggests that short-term holders are not selling in profit and are likely
to ease up their selling pressure. With the LTH sell-off also being countered
by rising demand from these STHs, market liquidity is likely to reduce which
can potentially prevent a full bullish market recovery.
Therefore, Darkfost predicts BTC to remain in consolidation with the
possibility of further price correction.
At the time of writing, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin trades at $98,030 following a gain of 1.27% in
the past 24 hours. Meanwhile, the asset’s trading volume is down 15.47% and
valued at $36.26 billion. BTC trading at $98,086 on the daily chart | Source:
BTCUSDT chart on Tradingview.com
Featured image from CNN, chart from Tradingview