đšBitcoin fails to surpass Alpha Price and returns to test support at Short Term Holder Realized Price!
The Alpha Price indicated strong resistance above 65,250 USD, as a significant portion of investors took substantial profits. As a result, Smart Money used this opportunity to distribute their coins, confirming the resistance.
Currently, BTC is trading around the Short Term Holder Realized Price, which essentially reflects the average acquisition price of coins held for up to 155 days. This level has served as a base of support and resistance in the medium term. For the first time, BTC is oscillating several times around this metric, signaling strong market indecision.
Part of the associated risk may be linked to the appreciation of some altcoins. This is clearly observed through the Correlation Heatmap, which shows that during BTCâs recent local peaks, altcoins have risen much more, reducing correlation. We understand the importance of BTC staying above 62,500 USD, but if this region is lost, a stronger wave of selling may be on the horizon!
by Joao Wedson
