Last night, the OK address crisis and Vitalik sold 15,000 Ethereum to pick up girls, which caused a large drop in the market in the short term. It really makes people want to cry! So where is the short-term bottom of Bitcoin?

Observing the on-chain chips, the realized price (Realized Price, RP) of short-term holders (STH) continues to rise. At present, the STH Realized Price has risen to nearly $64,000, up 1.5% in the past week, indicating an increase in short-term speculative activities.

STH Realized Price is the cost line of the average turnover of short-term holders (users who hold coins for less than 155 days. We push back 155 days, which is about the time when the US Bitcoin spot ETF was approved in January) on the chain. It is an indicator for analyzing the main support of the current chips. Therefore, as long as Bitcoin remains above $64,000 in the next few months, the long-term outlook for Bitcoin prices will remain bullish because the price is an important support.

The main change in the on-chain structure in the past 20 days is that the chips in the range of 60,000-64,000 US dollars have been traded in large quantities to the range of 66,000-68,000 US dollars, and nearly 1.55 million BTC have been accumulated. This is above STH-RP, forming a relatively thick "moat".

In other words, if there is no sudden external event that seriously hits the mood, the position of 66,000-68,000 can still hold for a while.

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