Bitcoin Set For Critical Price Resistance Encounter

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,199,739,909,026	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,199,739,909,026

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	120.40	0.20%	61,064.90	61,064.90	61,064.91

Price Change

Price Change %

Current Price

Bid Price

Offer

120.40

0.20%

61,064.90

61,064.91

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,250.00	60,904.40	60,951.67	60,944.50	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,250.00

60,904.40

60,951.67

60,944.50

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:07:40	0.006617	61,064.90	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:07:40

0.006617

61,064.90

USD

Price x Volume	Volume	Base Symbol	Related Pairs
17,580,921.70	287.72	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

17,580,921.70

287.72

Bitcoin Set For Critical Price Resistance Encounter – Analyst

10/08/2024 7:00pm

NEWSBTC

The price of Bitcoin has continued to maintain an impressive recovery trajectory following an earlier dip in the week, which saw the asset trade below the $50,000 price mark. The crypto market leader was greatly affected by a widespread decline in the global financial markets, losing over 16% of its market value, due to fears of a potential recession in the US, among other factors. However, as Bitcoin now hovers around $60,000, market experts and analysts have continued to roll out several conditions needed for the premier cryptocurrency to sustain this current positive performance. Related Reading: XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric Bitcoin To Meet Critical Short-Term Holders SOPR Resistance In a Quicktake post on Cryptoquant, an analyst with the username tugbachain shared an insight into the Short Term Holder Spent Output Profit Ratio (STH SOPR) of the Bitcoin market. For context, the STH SOPR is a market metric that indicates whether holders are selling their assets at a loss or profit. It is used to measure profitability outputs by providing information on the profit or loss status of short-term investors. The STH SOPR usually tracks assets held for a period less than 155, with a value less than 1 indicating short-term holders would be selling their assets at a loss. While an STH SOPR of 1 states that these investors will break even on their sales. Interestingly, tugbachain reports that the STH SOPR of Bitcoin is currently above 1, meaning that short-term holders are currently in profit. However, the analyst warns that BTC approaches a strong resistance at the 1.03 SOPR region, at which they predict the investors may soon start taking profit which could lead to an intense selling activity. As expected, this would exert downward pressure on BTC’s price. Albeit, in the presence of the right market conditions such as high buying activity, tugbachain predicts the crypto market leader could overcome this resistance and maintain its present upward trajectory. Related Reading: Bitcoin Nears $60,000 As Putin Signs Law Legalizing Crypto Mining In Russia BTC Price Overview At the time of writing, Bitcoin continues to trade at $60,639 with a 1.01% gain in the last day. However, the token’s daily trading volume is down by 4.35% and is valued at $38.2 billion. According to historical price data, the premier cryptocurrency could encounter major resistance at the $67,000 – $70,000 price region if it breaks upward from its current consolidation state. However, if Bitcoin breaks downward, its next viable support level lies at the $55,000 price zone. Featured image from Barron’s, chart from Tradingview

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