As a long-term crypto investor with some experience under my belt, I’ve learned to keep a close eye on Bitcoin’s price movements and market trends. The current situation is particularly intriguing, with Bitcoin nearing a key resistance level that could significantly impact its trajectory.
As Bitcoin (BTC), the leading cryptocurrency by market value, gets closer to hitting a significant resistance point, its cost faces a pivotal examination.
As a crypto investor, I’m keeping a close eye on the market right now. The buzz is palpable as we all wait with bated breath for Bitcoin’s next move. Will it make a breakthrough and soar to new heights, or will it experience a pullback? Only time will tell, but I’m ready to pounce on any opportunities that come my way.
Bitcoin’s price has been unstable lately, but it seems to be calming down. However, a major challenge awaits in terms of its price movement. Market experts have pinpointed certain crucial resistance levels that Bitcoin needs to surpass if it intends to maintain its uptrend.
As a crypto investor, I’ve witnessed Bitcoin’s price plummeting to a low of $54,278 during the trading session on Monday. However, the tide seems to have turned as Bitcoin has since rallied and is inching closer to a significant resistance level. This resistance level holds the power to influence Bitcoin’s near-term price trend.
Based on the analysis of cryptocurrency expert Benjamin Cowen, Bitcoin’s short-term resistance is approximately $59,000. This is equivalent to the 200-day simple moving average (SMA) and represents a potential retest of the trend line that Bitcoin previously broke below.
I’ve been following Bitcoin’s price action for the past two consecutive days. Yesterday marked the end of my intensive analysis as Bitcoin took a brief dive to retest its daily Simple Moving Average (SMA) 200, which it had previously surpassed. Today, however, Bitcoin regained momentum and managed to push past that resistance level once more, reaching new heights of $59,341 in today’s trading session.
Currently, Bitcoin had risen by 0.83% over the past 24 hours at the point of composition, but subsequently relinquished these advances as bears established resistance close to the moving average of 200 for the day.
Bitcoin short-term holders underwater
Based on Glassnode’s analysis, Bitcoin has experienced its most notable drop in value since the end of 2022. Currently, its price is under the 200-day moving average (DMA), resulting in substantial unrealized losses for many short-term investors.
When spot prices decrease, the proportion of investors’ Realized Profits relative to Realized Losses also decreases. Based on Glassnode’s analysis, this indicator currently lies within the 0.50 to 0.75 range, which is a more neutral zone frequently seen during market corrections in a bull run.
In terms of short-term investors, Glassnode reported a total loss of over $595 million this week, which is the most significant loss event since the end of the 2022 market downturn. Only 52 out of the 5,655 trading days on record had greater daily losses, demonstrating the considerable decline in dollar terms.
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2024-07-10 17:25