If Bitcoin falls below 64k, which price support areas are important?
The BTC price breaching the $64,000 mark on June 21 caused most short-term BTC investors to suffer losses. The reason is because the average purchase price of short-term investors holding BTC for less than 155 days (STH - Short Term Holder) is currently at 64,230 USD.
This is important data for traders because it has been an important support zone for BTC price over the past 2 years - since November 2022 (when BTC price was 15,600 USD).
Analysts at CryptoQuant said: "BTC's drop below the purchase price of this Short Term Holder indicates the possibility of an 8% - 12% downward correction, equivalent to a price of $58,500 - $60,000."
Overall, traders are quite pessimistic about the short-term price outlook for BTC, with notable support levels from 58k - 60k. However, in the long term, experts still believe that BTC can surpass its peak and rise to a price of $100,000 - $200,000.
