Bitcoin

Resistance

<div class="flex-shrink-0 flex flex-col relative items-end">
 <div>
  <div class="pt-0.5 juice:pt-0">
   <div class="gizmo-bot-avatar flex h-6 w-6 items-center justify-center overflow-hidden rounded-full juice:h-8 juice:w-8">
    <div class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><span style="font-family: NonBreakingSpaceOverride, 'Hoefler Text', Garamond, 'Times New Roman', serif; letter-spacing: normal;">Short-term holders with wallets currently at a loss may liquidate their holdings near the $65,000 mark, potentially capping a renewed upswing in Bitcoin’s price.</span>
    </div>
   </div>
  </div>
 </div>
</div>
<div class="group/conversation-turn relative flex w-full min-w-0 flex-col agent-turn">
 <div class="flex-col gap-1 md:gap-3">
  <div class="flex flex-grow flex-col max-w-full">
   <div class="min-h-[20px] text-message flex flex-col items-start whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 juice:w-full juice:items-end overflow-x-auto gap-2" dir="auto" data-message-author-role="assistant" data-message-id="0eaf3f1f-7086-4bf2-912a-694fb1f89d1c">
    <div class="flex w-full flex-col gap-1 juice:empty:hidden juice:first:pt-[3px]">
     <div class="markdown prose w-full break-words dark:prose-invert light">
      <h3 id="short-term-vs-long-term-holders">Short-Term vs. Long-Term Holders</h3>
      <p>On-chain data indicates that short-term holder wallets, which are currently in the red, might sell near their breakeven point at $65,000. In contrast, long-term holder wallets, with an average cost basis below $20,000, are more likely to hold or increase their Bitcoin holdings.</p>
      <h3 id="current-market-overview">Current Market Overview</h3>
      <p>As Bitcoin (BTC) attempts to recover from July’s losses, new challenges have emerged, suggesting potential resistance at $65,000. The leading cryptocurrency by market value is trading nearly 1% higher at $63,200, striving to regain ground after ending June with a 7% loss. This decline, reversing May’s gains, was largely due to miner selling and concerns that ETF inflows were driven by non-directional arbitrage bets rather than outright bullish bets.</p>
      <h3 id="resistance-at-65-000">Resistance at $65,000</h3>
      <p>The recent drop has pushed Bitcoin prices below the aggregate cost basis for short-term holders, which is around $65,000 according to data from LookIntoBitcoin. On-chain analytics firms view the realized price as the aggregate cost basis, representing the average price at which coins were last moved on-chain.</p>
      <p>“Short-term holders now face losses and may attempt to exit the market at breakeven, potentially increasing selling pressure near $65,000,” analysts at Blockware Intelligence noted in their latest newsletter. They added that the price of Bitcoin has fallen below the short-term holders’ aggregate cost basis for the first time since August 2023. “In the short-term, we should expect some resistance around the ~$65,000 level as short-term market speculators may look to exit their positions at a breakeven level.”</p>
      <h3 id="long-term-holder-dynamics">Long-Term Holder Dynamics</h3>
      <p>Meanwhile, long-term holder wallets are incentivized to maintain or even boost their Bitcoin stash, as their average cost basis is significantly lower, around $20,000. This cost basis is nearly 70% less than Bitcoin’s current market price, making them less likely to sell.</p>
      <p>Additionally, Bitcoin’s 15% pullback from its record high of over $73,500 in March may seem substantial to traditional market investors, but it is a normal correction in a bull market for long-term crypto holders. “During the 2017 cycle, BTC had 10 drawdowns of 20% or more. This is a normal, healthy bull market correction,” Blockware noted. “Bitcoin’s price volatility shakes out weak hands and provides opportunities for strategic capital deployment to those with a longer time horizon.”</p>
      <h3 id="conclusion">Conclusion</h3>
      <p>While Bitcoin is showing signs of recovery, the $65,000 resistance level could pose a significant challenge due to potential selling pressure from short-term holders. However, long-term holders remain a stabilizing force, incentivized to hold or increase their positions, which could support the market in the longer term.</p>
     </div>
    </div>
   </div>
  </div>
 </div>
</div>

Short-Term Holders Might Cap Bitcoin’s Upswing Near $65,000, On-Chain Data Suggests

Innehållsförteckning

CoinstelegramEng

Andra artiklar publicerade 2 juli 2024

Polygon (MATIC) Price at Risk as Whales Start Selling

BlackRock Acquires Indexing Firm Preqin: Potential Launch of Solana and XRP ETFs on the Horizon?

It will take people, not tech, for modularity to succeed | Opinion

Crypto Gem 2024 BlockDAG Smites With $55.1M Presale While Polygon Whales Affect Its Price & NEAR ...

Polkadot Rocked By Explosive Claims Of Discrimination From Manta Network Co-Founder

PlayDoge – The Cryptocurrency Surpassing the $5 Million Mark

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!