Bitcoin, the leading cryptocurrency, continued its recovery efforts after the sharp and sudden declines in June, rising above the $63,000 level.
While investors, who have been struggling with declines for a long time, hope that this rise will continue, analysts point out the potential resistances in front of BTC.
Blockware Intelligence analysts state that short-term investors are now facing losses and state that this group of investors faces two options: "They may not sell even though they are at a loss, or they may sell at a loss."
According to analysts, if this group of investors chooses to sell, there may be a selling pressure around $65,000 in Bitcoin price.
Potential Resistance and Selling Pressure
Analysts state that they expect the rise in Bitcoin to continue, but the price may face resistance at $65,000:
"Bitcoin price has fallen below short-term investors' total cost base for the first time since August 2023. Given that short-term investors may turn to selling in Bitcoin, we should expect some resistance near $65,000 in the short term."
In this case, short-term investors may face losses. At this point, they can choose to keep their positions at a loss or exit the market with a loss. This could potentially increase selling pressure near $65,000.
Reference to Summer 2023 and Healthy Corrections
Recalling the situation in the summer of 2023, analysts state that when Bitcoin lost the price support level that occurred last summer, the price moved horizontally for two months but eventually started to rise again.
Analysts emphasize that these declines in Bitcoin are healthy and make the following assessment:
"Bitcoin's decline since its ATH of over $73,000 in March may be significant for short-term investors. But for long-term investors, this is a normal bull market correction."
Recalling that BTC experienced 10 declines of 20% or more during the 2017 cycle, analysts state that this is a normal and healthy bull market correction. Bitcoin's price volatility, while shaking up weak hands, presents strategic capital allocation opportunities for longer-term investors.
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