As of June 24, 2024, #BTC is $62.4K, while the STH Realized Price is $62.7K. This suggests most short-term holders (STH holding BTC <155 days) bought BTC slightly higher than the current price, indicating potential selling pressure.
Short-term holders from the past week to 1 month paid $68.7K, which might lead to selling pressure if they seek to cut losses. Those from the 1-3 month period also bought higher at $66.3K, presenting similar risks. Conversely, STH from 3-6 months ago are better positioned with an average purchase price of $57.8K, likely encouraging them to hold.
Comparatively, long-term holders enjoy a strong position with a 365-day SMA at $45.3K and an overall Realized Price of $30.6K, indicating solid support.
In summary, while there is short-term selling risk, the steadfast long-term holders might limit significant downturns. On the other hand, short-term holders realize losses at some point, and if the price goes lower, they may stop selling and just hold (observed similar behavior each time they are underwater). Additionally, the Short-Term Holders Realized Price is a strong support in a bull market. As long as we are around this price, there is no reason to panic. I am calmly waiting and observing the market.
Written by IT Tech
