⚡️The average price of Bitcoin short-term holders is $63,000!
💥The average price of $63,000 forms a strong support line!
Bitcoin surged 23% in three weeks
Soared from $52,500 to over $65,000, an increase of more than 23%
This strong rise is partly due to the surge in demand for Bitcoin spot ETFs.
Therefore, short-term holders are back in profit.
Short-term holders refer to investors who transfer Bitcoin within 155 days.
Their average purchase price is $63,000.
The current price level puts them back in profit.
It is expected to support the market.
The open interest of futures market contracts reached $19.1 billion.
Since March 2024, the indicator has exceeded $18 billion seven times.
The first six times were followed by price declines.
At the same time, spot Bitcoin ETF holdings are being converted into supply for long-term holders.
Although this change seems positive, it usually occurs in the late stage of a bull market.
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