The Short-Term Holder Realized Price serves as a crucial metric to analyze recent Bitcoin buyers’ behavior, disclosing the average price for the purchase of $BTC by short-term holders. In line with the Short-Term Holder Realized Price, Bitcoin is presently trending downward at around $57,964 while facing a key resistance level of up to $63,250.
The Short-Term Holder Realized Price helps gauge the behavior of recent #Bitcoin buyers. It acts as resistance in downtrends because these holders are more likely to sell if the price falls below their entry point. Since June 22, #BTC has struggled to break above this level,… pic.twitter.com/VEF0q5xj0L
— Ali (@ali_charts) September 1, 2024
Bitcoin Sees a Downtrend with a Key Resistance Level of $63,250
The top crypto token has been witnessing difficulty in breaking above the respective resistance level since the 22nd of June. The incapability to reclaim the respective level has led to consistent selling pressure. Until the time, $BTC keeps trading below the respective threshold, a high risk exists regarding additional price declines. Hence, the market members need to exercise caution till Bitcoin’s price surges above the $63,250 mark and stabilize its position.
However, at the moment, the top crypto token is experiencing an uncertain situation. In such cases, short-term holders have a greater likelihood to offload their $BTC holdings if the price dips below their purchasing price. The reason behind this is that they intend to decrease the losses or leave the market with their already preserved gains.
Reaching $56,750 Along with a Price Rebound Could Let $BTC Touch $56,750 as Resistance Level
Keeping that in view, Bitcoin is now displaying a downward trend while changing hands at $57,964. The respective price is lower than the chief moving averages. This further indicates the dominance of the bearish pressure in the market. The market onlookers point toward $56,750 as a likely support zone that the traders need to keenly observe. If $BTC touches the respective support level along with a price rebound, it could signify the commencement of a provisional recovery. Thus, it can potentially jump to the resistance area of $58,500.
