Bitcoin Retesting Short-Term Holder Realized Price Once Again
An analyst has issued a warning about Bitcoin retesting support levels. The latest drawdown has led to another retest of the short-term holder Realized Price. This metric tracks the average cost basis of investors on the Bitcoin network.
When the Realized Price exceeds the spot price, it indicates a net unrealized profit for investors. Conversely, a lower Realized Price suggests losses in the market. The focus here is on short-term holders (STHs), who bought coins in the last 155 days.
Bitcoin Realized Price Trend for STHs
There has been a consistent trend in Bitcoin’s Realized Price for short-term holders over the past few months. This trend may present an opportunity for investors to accumulate more Bitcoin.
- Previous retests of this level indicate its reliability as a support level for Bitcoin.
- However, continuous retesting weakens the support level over time.
It is uncertain whether STHs maintain a bullish stance on Bitcoin amid repeated pullbacks in price.
Bitcoin Price Movement
Over the last 24 hours, Bitcoin has experienced continued bearish momentum, with a 2% decline bringing the price to $64,700.
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