As per the latest data, the ordinary cost of Bitcoin ($BTC) tokens that short-term investors hold is reaching a couple of chief levels. As per a CryptoQuant analyst going by “burakkesmeci,” the average cost concerning the $BTC holders between one to three months presently stands at nearly $61,459, while in the case of those holding Bitcoin between three to six months, it is up to $64,459.
Cost Levels of Short-Term $BTC Holders Reach 2 Key Spots that May Lead to Upcoming Major Trends
The CryptoQuant analyst “burakkesmeci” noted that these 2 price spots are very important. They reportedly have the potential to act as psychological barriers hindering short-term holders. As the data reveals, the investment decisions of these holders often impact the near-term price movement of Bitcoin. A persistent price close higher than $64,500 could result in substantial momentum for Bitcoin bulls. This would signify a renewed confidence leading to further price upsurge.
On the other hand, if the top crypto token dips below the $61,600 spot, there is a possibility for significant selling pressure coming from short-term Bitcoin holders. This would point toward testing the resilience of the market. The analyst stressed that the respective cost levels are approaching each other. This makes the impending price movements crucial for the overall market sentiment. Thus, the Bitcoin bulls would get support if a close occurs above $64.5K. However, the loss of the $61,600 spot may test the investors’ patience, likely resulting in increased volatility.
The Development Comes at a Point When Bitcoin Investors Are Experiencing Macroeconomic Uncertainties
This junction of the crucial levels takes place at a point when $BTC investors are facing macroeconomic uncertainties. Short-term holders endeavoring to respond more rapidly to market volatility could play a vital role in gauging the next major trend. “burakkesmeci” asserted that the team thereof is keenly observing the situation along with adjusting the strategy in line with the latest data.
Source: https://blockchainreporter.net/short-term-bitcoin-holders-indicate-crucial-market-moment-based-on-cost-levels/