Why Is the $64,000-66,000 Range Important in Bitcoin? It Can Bring Fresh Capital
The Bitcoin (BTC) price may continue to rise when short-term investors also start making money.
The Bitcoin price rose after the Federal Reserve's July meeting minutes were announced and claims about the US presidential election.
While the policy rate in the US was held at a 23-year high of 5.25-5.50 percent, these minutes reinforced the idea that an interest rate cut will be made at the next meeting.
On the other hand, claims that Kennedy Jr. will withdraw from the presidential election and support Trump gave Bitcoin a boost. According to CoinGecko data, BTC gained 3.2 percent in the last 24 hours and exceeded $61,200.
According to an analysis shared on the blockchain analysis platform CryptoQuant, short-term investors may play an important role in Bitcoin's course.
Accordingly, the average cost per unit for investors who bought BTC in the last one to three months was $64,206, while the cost for those who bought in the last three to six months was $65,898.
The analyst at CryptoQuant said, âThis data shows that the 64K - 66K region is a strong resistance level for Bitcoin. Short-term investors may start to switch from loss to profit when the price reaches this level. In this case, investors who made a profit are likely to share their success stories. Such stories may encourage new investors to be interested in Bitcoin and enter the market.â
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