As an experienced analyst, I’ve closely monitored Bitcoin’s price action and market trends for years. The recent surge above $64,000 following a correction is a promising sign of bullish momentum, especially after the broader market recovery. However, it’s essential to pay attention to critical metrics like the short-term average realized price (STH realized price).
As an analyst, I’ve observed Bitcoin‘s (BTC) price surpassing $64,000 mark briefly before experiencing a minor correction. This price movement sparked renewed bullish sentiment following the broader market recovery. Notably, the recent gains in Bitcoin’s value occurred after significant liquidations took place across the crypto market.
According to a recent analysis by CryptoQuant, an on-chain analytics firm, the asset has rebounded from its short-term average price of $58,500. This price level had not been reached due to low trading activity in the previous weeks. However, new inflows have caused the value to surpass this mark.
As an analyst, I calculate the mean short-term price of an asset based on the previous 155 days’ data. To obtain this value, I divide the sum of those prices by the total number of coins in circulation.
The “Average short-term realized price,” or STH realized price for short, played a significant role as support in March ’23, June ’23, and January ’24. Conversely, it functioned as resistance in April ’22, November ’22, and October ’23.
Resistance and Support of Bitcoin Price
As an analyst, I would emphasize that the current resistance and support levels of Bitcoin are significant indicators, taking into account the influence of macroeconomic and industry factors. Over the past five business days, Bitcoin’s price has undergone some volatility, oscillating around its average mark and establishing new support zones.
Based on CryptoQuant’s analysis, every time Bitcoin’s price surpasses its average support or resistance level, it trends in a specific direction with heightened price fluctuations. The current Realized Price, which is where most investors entered the market, stands at $58,500. Fortunately, the price has rebounded from that point.
As a crypto investor, I’ve been closely following the analysis of Rekt Capital, a respected figure in the cryptocurrency community. According to his assessment, we’re currently at approximately 37% completion of the Bitcoin bull market cycle, based on historical data from past halving events.
#BTC Bull Market Progress:
▓▓▓░░░░░░░ 36.9%
(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 4, 2024
Wider Crypto Gains
The price of Bitcoin has risen by 3.11% to reach $63,496, with recent increases leading to a significant influx of investments into the cryptocurrency. This upward trend can be interpreted as a sign of optimistic market sentiment. Moreover, other digital assets, such as altcoins and memecoins, have also experienced comparable price surges.
As an analyst, I observe that Ethereum (ETH) is currently changing hands at a price of $3,112, representing a 2.33% growth over the past 24 hours. Simultaneously, Solana (SOL), Cardano (ADA), and Ripple (XRP) are also experiencing gains in their respective markets. Notably, memecoins have shown an even more pronounced upward trend compared to the broader market.
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2024-05-04 17:54