Bitcoin's potential rebound may face resistance near $65,000

Blockware Intelligence analysts said in the latest newsletter: "Bitcoin prices are below the total cost basis of short-term holders for the first time since August 2023. In the short term, we expect some resistance around $65,000 as short-term market speculators may want to exit their positions at the 'break-even' level."

The analyst added: "Last summer, when Bitcoin lost the STH (short-term holders) realized price support level, the price went sideways for another two months before finally breaking through again."

At the same time, long-term holders have a strong incentive to maintain or increase their reserves because their average cost is less than $20,000, nearly 70% lower than the current market price of Bitcoin. (CoinDesk)

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