Bitcoin Resistance: Here Are The Challenges Ahead For BTC

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,381,827,817,714	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,381,827,817,714

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-286.20	-0.41%	69,921.58	69,921.58	69,925.65

Price Change

Price Change %

Current Price

Bid Price

Offer

-286.20

-0.41%

69,921.58

69,925.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,364.64	68,750.37	70,225.39	70,207.78	34,079.46 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,364.64

68,750.37

70,225.39

70,207.78

34,079.46 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:36:04	0.000223	69,926.25	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:36:04

0.000223

69,926.25

USD

Price x Volume	Volume	Base Symbol	Related Pairs
299,069,917.28	4,303.81	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

299,069,917.28

4,303.81

Bitcoin Resistance: Here Are The Challenges Ahead For BTC

21/08/2024 10:30am

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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