The post Bitcoin Dips Below Short-Term Holder Realized Price appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) recently fell below $64,000, breaking its short-term holder realized price and signaling fear that a further correction toward $60,000 might be on the horizon. Bitcoin’s price briefly dipped below a critical level for traders sparking fears that 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 post. #Bitcoin is trading below the critical support level of $65.8K, now below $64K. Falling under this threshold suggests a potential 8%-12% correction toward $60K. pic.twitter.com/hXwUkC13up — CryptoQuant.com (@cryptoquant_com) June 21, 2024 “Falling under this threshold suggests a potential 8%-12% correction toward $60K,” CryptoQuant added, a level not broken since May 3, when Bitcoin was trading at $59,122, according to CoinMarketCap data. On June 22, Bitcoin’s recent decline saw it drop 2% to $63,442, falling below the short-term holder’s realized price at the time, which was $64,230, according to LookIntoBitcoin data.  Short-term holder realized price (STH-RP) 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. Bitcoin Short-Term Holder Realized Price   It can act as a solid support, as it did for much of the bull markets since early 2023. 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 wrote on June 19. #BITCOIN ‘s short-term holder realised price generally acts as support in upward trending markets (see chart). Currently sitting at $63,900. Historically this has been a good BTFD…

---

Filed under: News - @ June 22, 2024 3:28 pm