💥💥💥 #bitcoin dips below short-term holder realized price, sparking $60K fears
Bitcoin (BTC) recently fell below $64,000, breaching its short-term holder realized price and signaling a potential downturn after 49 days, according to CryptoQuant, a #cryptoanalysis firm.
On June 21, CryptoQuant noted Bitcoin dropped below the critical support level of $65.8K, trading under $64K. The firm predicts a possible 8%-12% correction towards $60,000, a level last seen on May 3.
As of June 22, Bitcoin was down 2% to $63,442, below the short-term holder realized price of $64,230. This metric, crucial for traders, reflects the aggregate cost basis of $BTC held for 155 days or less.
Historically, the short-term holder realized price has been a strong support during bull markets since early 2023. However, recent breaches have raised concerns among traders about further price declines.
A drop to $60,000 could liquidate approximately $1.64 billion in long positions, per CoinGlass data.
Bitcoin Potential Amid Consolidation
- Bitcoin has hovered around $65,000 for an extended period, prompting speculation about its next move following significant events like the launch of US spot #BitcoinETFs and the April halving.
- On June 13, Cointelegraph reported Bitcoin's longest consolidation period in 92 days, with analysts anticipating a potential "massive upside rally."
- CryptoQuant's Ki Young Ju suggested Bitcoin's network fundamentals could support a market cap three times its current size compared to the last peak. Referring to BTC’s price, hash rate, and market cap ratio, Young Ju speculated this trend could sustain Bitcoin’s price up to $265,000.
Source - cointelegraph.com
