Bitcoin is facing a significant resistance level between $64,000 and $66,000. According to data from CryptoQuant, investors who have held Bitcoin for 155 days or less are considered short-term holders. Understanding the behavior of short-term holders is a key this resistance level. These investors can be divided into two main groups.
STH Costs: What Does the $64K-$66K Resistance Mean for BTC?“64K-66K region is a strong resistance level for #Bitcoin. When STHs start closing their losses and moving into profit, they will likely share their success stories” – By @burak_kesmeci Linkhttps://t.co/C05ItlZu2y pic.twitter.com/drRFkG5dMx
— CryptoQuant.com (@cryptoquant_com) August 22, 2024
1-3 Month Bitcoin Investors Hold at $64,206 Average Price
The first group is composed of the buyers that have been holding BTC for between 1 and 3 months with an average cost of $64406. This means that on average the buying price Bitcoin of these investors was around $ 64,206. The second is the one that has invested for 3 to 6 months with a cost of $ 65,898. To these investors $65,898 is the cost they pay to own Bitcoin.
The relationship between the 64K and 66K levels is established as the price of Bitcoin tends to resist this level. It goes down to this range to where small holders who invested in the short-term will be in loss and at some point, start to make profits. It may also be the reason why positive stories keep on being created within the community and it may also possibly bring other investors into the market.
Short-Term Holders Could Drive Bitcoin Beyond 66K
When the price of Bitcoin is at 66K it is essential to pay close attention to the price activity. The change of short-term holders into profits might also be a critical driver of new inflows and additional price increases.
Finally, the 64K to 66K resistance level, indicated by CryptoQuant, is very significant for Bitcoin in its current trading range. Specifically, the behavior of short-term holders could potentially lead to significant changes in the dynamics once again, which is why it is necessary to monitor the movement of prices above 66K.
