Bitcoin

Resistance

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

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