Bitcoin Struggle with Last Resistance Before Bullish: Watch Out Above This Price
In this period when Bitcoin's short-term investors are approaching their purchase prices, a move above $63,000 could trigger a short-term bull run.
In his current note, an analyst at the on-chain analysis platform CryptoQuant stated that Bitcoin is locked at $63,000. While Bitcoin has been exhibiting horizontal movements recently, the realized share of short-term investors (STH) has decreased from 55% to 40% in the last three months. It was stated that short-term investors' reactions to prices may increase.
It was stated that the realized prices of investors who have held Bitcoin for one week to six months are approaching each other.
The analyst emphasized that he calculated critical price levels, but the realized price of investors between 0 days and 1 week is not significantly different from the spot price. In his analysis, he stated that the critical price level for STHs is $62,700 and that this has not changed in the last three months.
He said that the market is currently moving around $62,000 and that if this level is exceeded, a more positive picture may emerge in the market structure.
The analyst, who stated that Bitcoin's current price is at $61,800, emphasized that a volume-supported rise above $63,000 could trigger a short-term bullish momentum.
According to CoinGecko data, Bitcoin, which has increased by 2% in the last 24 hours, is traded in dollars at the time of writing.