As an experienced financial analyst, I’ve seen my fair share of market volatility and trend reversals. And based on the current state of Bitcoin (BTC), it seems we’re facing another challenging period. The resistance level at $70,000 to $72,000 is proving to be a significant hurdle for BTC to surmount, with the coin trading below this range as I write this.
I’m an analyst observing the Bitcoin market. The cryptocurrency is currently bouncing back but remains under significant selling pressure at this moment. The $70,000 to $72,000 price range is posing a formidable resistance for Bitcoin, which needs to be breached if we want the upward trend that emerged in Q1 2024 with higher highs is to persist.
As a researcher studying the cryptocurrency market, I’d note that the most prized digital coin is currently priced below $70,000, having bounced back slightly from around $67,000 at the time of writing. A key support level to keep an eye on is situated at $66,000.
As a crypto investor, I’ve seen some promising gains early in the day. However, if those bearish forces persist and reverse those gains, it’s important to brace for potential further losses.
Will Bitcoin Drop To The STH Realized Price And Support At $62,300?
One analyst points out that if the current sell-off of long-held bitcoins persists, the cryptocurrency may drop down to the “Short-Term Average Price” (STH Avg Price) of $62,300.
At this point, the trader believes there’s a shortage of buyers willing to go long on Bitcoin (BTC). As such, it might serve as a restricted level for bulls to jump in and offset their losses.
The STH Realized Price serves as a key indicator of market sentiment. In simpler terms, it reflects the average cost at which Bitcoin was bought by investors over the past 155 days. Individuals who possess Bitcoin during this period are commonly referred to as short-term holders or speculators, focusing on capitalizing on price fluctuations.
As a researcher studying market sentiment and trends in Bitcoin (BTC), I’ve found that the STH Realized Price serves as an important indicator of investor sentiment. When the price of BTC falls below this line, it can act as potential support for further declines. However, if the downward trend continues and prices persistently drop below the STH Realized Price, it may compel coin holders to sell due to being underwater on their investments.
On the other hand, if prices approach the STH Realized Price, traders might choose to buy, convincing holders that they are at near-breakeven.
The STH Realized Price is currently $62,300, but the one-to-three-month Realized Price is $66,600.
If Bitcoin falls below $66,000, the sell-off could potentially gain momentum and push the price down towards the 155-day Simple Moving Average (SMA) Realized Price as stop-loss orders are triggered.
Eyes On The FOMC Amid High Inflation And Solid Employment Data In The United States
As a researcher studying the cryptocurrency market, I’m keeping a close eye on the upcoming Federal Open Market Committee (FOMC) meeting. With the labor market showing robust conditions, it’s widely anticipated that the central bank will maintain the interest rate at 5.50% during this meeting.
Last week, the number of new jobs created surpassed predictions. The US Bureau of Labor Statistics reported that a total of 272,000 positions were added in June, significantly higher than the anticipated 185,000 by economic experts.
However, solid non-farm payrolls (NFP) data poured cold water on hopes of an imminent rate cut.
Despite the decrease in annual inflation to 3.3%, as reported by the Bureau of Labor Statistics, there’s an increased likelihood of a rate reduction. This news comes as welcome news for Bitcoin investors.
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2024-06-13 00:42