Are You Ready for a Bitcoin Bull Run?
If you’ve been following the recent price movements of Bitcoin, you’d be excited to know that the world’s leading cryptocurrency has shown signs of bullish momentum. The price of Bitcoin has surged over 7% in the past week, briefly surpassing $67,500. This level hasn’t been seen in almost a month, and it’s got investors and traders buzzing with excitement 🚀.
The Importance of $61.5K Support Level
One crucial level to keep an eye on is $61.5k, which could potentially serve as a strong support level for Bitcoin. This level is significant when considering the Short-Term Holder (STH) Realized Price. Here’s why:
- The STH Realized Price reflects the realized capital of 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, giving them a significant influence on price movements.
- CryptoQuant identified two key groups within this cohort:
- The 0-day to 1-week Bitcoin STH, capturing 10.6% of the market and closely tracking the spot price.
- The 1 week to 6 months group, accounting for 47.78% of the market, providing insight into short-term trader actions and sentiment.
- Investors’ sensitivity to the STH realized price could lead to $61.5k becoming a crucial level. If breached decisively, it may flip from a support to a strong resistance level.
Potential for a New Peak in Bitcoin’s Price
Bitcoin’s price has shown significant improvement in recent weeks, currently hovering just below $67,500 with the potential to establish a new peak. According to 10x Research’s latest newsletter, breaking above this level 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.”
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