As Bitcoin (BTC) attempts to recover from its losses of 65,000 per month, new challenges are emerging, with on-chain data indicating potential resistance around $62,790.
At the time of writing, the leading cryptocurrency’s trading price stands at $62,790, as it seeks stability following its downturn in XNUMX.
The decline resulted in prices falling below the total cost for short-term holders (wallets holding BTC for less than 155 days), currently totaling $65,000, according to data provided by LookIntoBitcoin. Realized prices reflect the average price at which tokens last moved on-chain, used by blockchain analytics firms as a aggregate cost basis.
This situation suggests that short-term holders currently face declines or holding positions in deficit. They may attempt to exit the market at a loss, potentially increasing selling pressure near the $65,000 mark.
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As the ETF craze begins to wane, what’s next for Bitcoin?
Bitcoin prices fell below the total value of short-term holders for the first time since XNUMX. In the short term, we expect some resistance near $XNUMX as short-term traders aim to close positions without incurring losses.
Last summer, when Bitcoin fell below realized price support levels for short-term holders, its price fluctuated bidirectionally over two months before rebounding once more.
Meanwhile, long-term holders are motivated to maintain or increase their portfolios, with an average bottom price of less than $20,000. This figure is nearly 70% lower than BTC’s current market price, indicating significant market volatility buffering.
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A top analyst shares his predictions for the Bitcoin and altcoin markets
Bitcoin prices have fallen XNUMX% from their peak of over $73,700 in XNUMX, which may appear severe to traditional market investors. However, for long-term cryptocurrency holders, this is a typical bull market adjustment.
