Despite Bitcoin’s hurdles, positive signs emerge

Over 30% of BTC holders were in profit, indicating positive market dynamics.has been grappling with a persistent psychological hurdle regarding its price. However, a recent Glassnode report indicated that Bitcoin had discovered pockets of support in significant regions despite this stubborn obstacle. These regions aligned with the consensus among long-term and short-term holders.

Interestingly, this support range coincided with the pricing range observed for both Long and Short-Term Holders, perTo elaborate, the Long-Term Holder Realized Price represented the average acquisition price of coins held outside exchange reserves, which have been moved within the last 155 days. These coins are considered the least likely to be spent on any day.

On the other hand, the Short-Term Holder Realized Price reflects the average acquisition price of coins held outside exchange reserves, which have been moved within the last 155 days. These coins are seen as the most probable to be spent on any day. Therefore, monitoring whether Bitcoin can sustain its position above these key levels is crucial, as it would indicate a positive trend. Conversely, a drop below these levels would imply weakness in the overall trend.Bitcoin’s price movement revealed an interesting pattern. Following a rally that propelled it to approximately $27,000,

sustained its position within this price range. We observed a consistent support zone between $26,000 and $25,000 by examining its daily timeframe chart. As of this writing, BTC was trading at around $27,200, indicating a gain of over 1.10%.Additionally, the long Moving Average indicated another level of support near the $23,100 price range. On the other hand, the Short Moving Average posed the immediate resistance level, located around the $28,000 price range.

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