Bitcoin’s price has taken a hit, plunging to $64,000 and causing concern among investors. On-chain data suggests that the cryptocurrency is now retesting a key support level, specifically the Realized Price of short-term holders (STHs). This indicator tracks the average acquisition price of investors who have held Bitcoin for less than 155 days.
Historically, this support level has been crucial for Bitcoin, acting as a boundary between bearish and bullish periods. When the asset is above the STH Realized Price, it tends to bounce back up after retesting. Conversely, when it falls below this level, it faces resistance as investors may panic sell at their break-even point.
The current price of Bitcoin stands at $64,800, down more than 2% in the past 24 hours. The cryptocurrency market is volatile, and the retest of the key support level will determine whether a bullish or bearish trend will prevail. Investors are closely watching to see if Bitcoin can hold above this level or if it will dip below, signaling a potential shift in market sentiment.
Keshav, a senior writer at NewsBTC, has been following the cryptocurrency industry for years. With a background in Physics and a passion for blockchain technology, he provides in-depth analysis of on-chain indicators and market trends. Keshav’s articles aim to educate readers about the complexities of the crypto market while offering insights into potential investment opportunities.
In addition to his writing career, Keshav is an avid football fan, anime enthusiast, and video game player. His diverse interests and dedication to fitness reflect his energetic approach to life. As he continues to explore the world of cryptocurrency, Keshav remains committed to providing valuable information to readers and helping them navigate the ever-changing landscape of digital assets.
While investing in Bitcoin and other cryptocurrencies carries risks, Keshav’s articles serve as a valuable resource for those looking to understand the market dynamics and make informed decisions. By staying informed and conducting thorough research, investors can mitigate risks and capitalize on opportunities in the fast-paced world of cryptocurrency trading.