Bitcoin

Bitcoin&nbsp;recently fell below $64,000, breaking its short-term holder realized price and signaling a possible further decline to levels unseen in 49 days, according to cryptocurrency analysis firm CryptoQuant.
“Bitcoin is trading below the critical support level of $65.8K, now below $64K,” CryptoQuant wrote in a June 21 X <a href="https://x.com/cryptoquant_com/status/1804179918722388058" target="_blank" rel="noopener nofollow">post</a>. 
“Falling under this threshold suggests a potential 8%-12% correction toward $60K,” CryptoQuant added, a level not broken since May 3 when Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;was trading at $59,122, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
On June 22, Bitcoin’s recent decline saw it drop 2% to $63,442, falling below the short-term holder realized price (STH-RP) at the time, which was $64,230, <a href="https://www.lookintobitcoin.com/charts/short-term-holder-realized-price/#:~:text=The%20Bitcoin%20Short%20Term%20Holder,for%20less%20than%20155%20days." target="_blank" rel="noopener nofollow">according</a> to LookIntoBitcoin&nbsp;data. Short-term holder realized price is an important indicator for traders as it is the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing Bitcoin for 155 days or less.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/6131a71e-82ac-43ab-86e3-4204185524fd.png" alt="" title="">
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 Bitcoin short-term holder realized price. Source: CryptoQuant
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It can act as a solid support, as it has for much of the bull market since early 2023.&nbsp;Bitcoin’s price has tested the STH-RP multiple times in recent weeks; however, breaching this level raises concerns among traders that a further decline in Bitcoin’s price is possible.
“Bitcoin’s short-term holder realised price generally acts as support in upward trending markets,” pseudonymous crypto trader Crypto Caesar <a href="https://x.com/crypto_caesar1/status/1803121723140665533" target="_blank" rel="noopener nofollow">wrote</a> on June 19.
“Let’s see if it holds,” LookIntoBitcoin founder Phillip Swift <a href="https://x.com/PositiveCrypto/status/1803702530716868792" target="_blank" rel="noopener nofollow">added</a>.
A move down to $60,000 would wipe $1.64 billion in long positions, per CoinGlass <a href="https://www.coinglass.com/pro/dashboard/bitcoin" target="_blank" rel="noopener nofollow">data</a>.
<h3 data-ct-non-breakable="true" id="bitcoin-may-see-an-upside-swing-following-extended-consolidation">Bitcoin may see an upside swing following extended consolidation</h3>
Bitcoin has been hovering around $65,000 for a while now, making traders speculate where to next, especially after two big events in 2024: the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">launch of spot Bitcoin exchange-traded funds</a>&nbsp;in the United States in January and the <a href="https://cointelegraph.com/news/bitcoin-halving">Bitcoin halving in April</a>.
On June 13, Cointelegraph reported <a href="https://cointelegraph.com/news/bitcoin-price-set-massive-rally-amid-92-days-consolidation-period">that Bitcoin has been in its longest period</a> of consolidation for 92 days, and analysts believe the extended steadiness could be setting the asset up for a “massive upside rally.”
Ki Young Ju, founder and CEO of onchain and market analytics firm CryptoQuant, believes “Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top.”
Related: <a href="https://cointelegraph.com/news/6-months-sideways-bitcoin-price-action-mimics-2023-lull">6 months of sideways? Bitcoin price action mimics 2023 lull</a>
On May 8, Young Ju referred to a chart <a href="https://cointelegraph.com/news/bitcoin-traders-set-six-figure-price-targets-after-btc-reclaims-61k">comparing BTC’s price</a><a href="https://cointelegraph.com/news/bitcoin-traders-set-six-figure-price-targets-after-btc-reclaims-61k"></a> and the associated hashrate to market capitalization ratio, highlighting the crypto’s ongoing volatility and the resilience of the <a href="https://cointelegraph.com/news/bitcoin-reaches-one-billion-transactions">Bitcoin network</a>. 
If this ratio continues to grow, Young Ju declared it could “potentially sustain” Bitcoin’s price to $265,000.
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>

Bitcoin dips below short-term holder realized price, sparking $60K fears

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