CryptoQuant has released a new analysis of BTC on important supports and the position of short-term holders. However, this was before the current drop, so it would be interesting to see fresh data from analysts on short-term holders.

What conclusions can be drawn from these two graphs?

#CryptoQuant sees strong support at $52,100. This is the price where (as in the fall of 2023) the price may come as part of a retest of the 365-day moving average (SMA 365D). It is important to monitor the price reaction from it in case of a decline.

On important resistances - the price around $63,800 marks the upper resistance level, which was previously tested but has not yet been successfully broken. This resistance level is now critical for a possible resumption of the uptrend (and an exit from the fourth correction wave in this BTC cycle). Because two moving averages are intersecting there, creating a resistance pool:

- STH Realized Price - this is the realized price of short-term holders, indicated by the dotted blue line. It shows the average price at which short-term holders bought their BTC and often acts as a resistance or support level.

- SMA 200D is the 200-day moving average, shown as the orange line. It is a key long-term indicator that is often used to assess the overall trend of the market.

In terms of short-term holders' profits and losses, they sold 2,600 BTC on August 5 at a price lower than they bought, which confirms that they were fixing their losses. So far, holders have been "sitting out" the current correction since the 20th of August with paper losses, without showing any capitulation. At least, this was the case from the morning until the fall below $55,000.

An important point of the chart is the emphasis on the price of $60,000. A breakout of this level could give players clearer signals for short-term price movement. But so far they are not allowed anywhere near it.