The post BTC Price Today: The $63.25K Level That Could Spark a Bitcoin Sell-Off! appeared first on Coinpedia Fintech News
At present, the price of Bitcoin is $58,280.11. There is a strong anticipation among Bitcoin enthusiasts that the price of BTC is likely to go up in the coming months. A recent post shared by Bitconsensus suggests we might see some unexpected activities in the situation when the price reaches the mark of $63.25K. Is there any rationale behind such an argument? Or, is it just a wild intuition? Read on!
Key Indicator Shows BTC Short-Term Holders Waiting for $63.25K Sell-Off
Bitconsensus’s post forecasts that a good number of BTC short-term holders might sell their asset as soon as the price crosses the mark of $63.25K. What supports the post is a sensitive fact that the Long/Short Term Onchain Cost Basis Indicator, which helps to analyse the behaviour of different types of Bitcoin holders based on the prices at which they brought their Bitcoin, conveys. As per the indicator, a good number of Bitcoin short-term holders brought Bitcoin when its price was around $63.25K.
According to the Long/Short-Term Onchain Cost Basis Indicator––short-term holders have an average entry price of $63.25K. They could be likely waiting for the market to reach this level to sell their holdings. This explains why we've been below the red line since June, as these… pic.twitter.com/VmUnZ8pSUS
— Bitcoinsensus (@Bitcoinsensus) September 2, 2024
Considering the fact that not any time after June that the BTC price has jumped above the mark of $63.25K, naturally there are chances for the development of frustration among these short-term holders. The possibility of these holders to see their holdings panicky as soon as the price crosses a point which they consider neither loss nor profit is high.
What the post directly points to is such a possibility.
Resistance in BTC Around $63.25K
It is possible for the anticipated behaviour of these short term sellers to create a strong resistance around the mark of $63.25K. But, how long it would take the price to break above this possible depends on the strength of the underlying factors that would create the possible upward momentum in the market in the near future.
In conclusion, it is important for Bitcoin holders to be aware of the significance of the mark of $63.25K.
Also Check Out: Will September Be a ‘Red’ Month? Historical Trends Suggest Strong Performance Ahead For Altcoins
