Bitcoin's Realized Price Levels: Key to Navigating Market Volatility
#BitcoinAnalysis #BitcoinDrop #Bitcoin #BinanceTournament $BTC
Bitcoin Hits One-Month Low, New Targets Set
Bitcoin has hit a one-month low, dropping to $64,950 on Bitstamp, sparking concerns of a further decline below $60,000.
Traders are now focusing on new price targets and potential support levels.
Price Tracking and Support Levels
On June 14, Bitcoin saw a 3.5% drop, contributing to a week-to-date loss of over 6.7%. Keith Alan from Material Indicators highlighted the loss of technical support at the 50-Day Moving Average, warning of potential drops to $60,000 or lower if the $65,000 support fails.
Hodlers' Realized Price Levels
Axel Adler Jr. from CryptoQuant emphasizes the importance of hodlers' realized prices, the average buy-in price for different holding durations. Short-term holders (up to 155 days) have a realized price of $62,200, crucial for maintaining the bull market. Longer-term holders have realized prices at $55,500 and $24,300.
Concerns and Market Sentiment
If Bitcoin revisits $60,000, it could drop further to $48,000, warns trader Peter Brandt. Skew noted significant bid liquidity around $62,000, indicating strong buyer interest. CoinGlass data also shows increasing liquidity at $64,900, suggesting support just below current levels.
Conclusion
As Bitcoin navigates this volatile period, the support at $65,000 and hodlers' realized prices will be critical in determining its next move. Traders are closely watching these levels to gauge the market's direction.
