The post Why Bitcoin Faces Trouble Without Reclaiming These Key Levels appeared on BitcoinEthereumNews.com.

Bitcoin’s (BTC) inability to trade above certain price levels for over a week could spell bigger issues for the flagship cryptocurrency. These struggles have raised valid concerns as bearish sentiment continues to gain traction while market volatility intensifies. Seven days ago, Bitcoin attempted to retest $60,000. However, it faced rejection and has since been unable to reach the region. The following is what must happen for Bitcoin to avoid a market collapse worse than that of August 5. BTC Survival Hangs in the Balance According to Glassnode, Bitcoin price has fallen below the Short-Term Holders (STH) Realized Price. For context, the STH-Realized Price tracks the average on-chain cost for BTC that was moved within the last 155 days. Because the metric shows if holders are in unrealized profits or losses, it is crucial to evaluate the price potential. As of this writing, the STH Realized Price is $62,443, and it has been above Bitcoin’s spot value since August 25. Typically, if the spot price falls below the STH Realized Price for an extended period, it could be a sign of a possible bear market. Therefore, it is not out of place to mention that Bitcoin risks a steeper price correction unless it rises above $62,443. Bitcoin Short-Term Holder Realized Price. Source: Glassnode Besides this on-chain cost basis, the Global In/Out of Money indicator (GIOM) shows that Bitcoin could face significant resistance between $61,578 and $72,500 if the price attempts to reach these levels. Here, 6.92 million addresses accumulated 3.1 million BTC. This figure is a lot higher than the number of addresses that purchased the cryptocurrency at an average price of $52,516. Read more: Pepe: How To Buy Bitcoin (BTC) on eToro: A Step-by-Step Guide Bitcoin Global In/Out of Money. Source: IntoTheBlock As such, if Bitcoin attempts to surpass $61,000, the supply…

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Filed under: News - @ September 6, 2024 9:27 am