Bitcoin Recovers Sharply, But $64,000 Resistance Awaits
On-chain data suggests that Bitcoin short-term holding whales have a cost base over $64,000, which might be a resistance mark for BTC.
Bitcoin Nears Short-Term Holder Whale Price After Rally
In a CryptoQuant Quicktake article, an analyst noted that BTC has fallen below the Realized Price of short-term holding whales. The “Realized Price” measure a group's investors' average cost basis.
When the asset's spot price is below this criterion, cohort holders lose net unrealized value. Similarly, being above the indication indicates group profitability.
Short-term and long-term holder whales are of interest in this issue. The Bitcoin industry is divided by holding period into short-term and long-term holders.
Short-term holders (STHs) are investors who acquired their coins within 155 days, while long-term holders (LTHs) have held them for longer.
The STH and LTH whales are often significant members of their cohorts since “whales” are entities with at least 1,000 BTC in their wallets.
This figure displays the Realized Price trend for these two Bitcoin groupings over the last three years:
on the latest market collapse, the Bitcoin spot price fell below the Realized Price of the STH whales, as seen on the graph above. However, the price has recovered and is nearing that level.
The typical cost of STH whales is $64,000–$65,000. A retest may be coming shortly. A retest might be challenging for the cryptocurrency.
STHs are market's weak hands and vulnerable to market movements. Any investor cares about cost basis, but this group may respond to a retest.
Most STH whales have been losing money lately, so some may be eager for a retest to leave the market at break-even. If the rebound surge continues, Bitcoin may overcome this impediment.
While STH whales lose money, LTH whales benefit from their Realized Price of $22,000, indicating that their patience paid off.
BTC Price
Bitcoin temporarily broke over $62,000 yesterday, but it has already retreated to $60,500.
