The weekly recovery of over 7% has pushed bitcoin’s price briefly above $67,500 – a level not seen in almost a month. The world’s leading crypto asset is currently eying to establish a new peak.
With the latest upward price action, BTC has found new support. If flipped, however, this level could also prove to be a major resistance area.The level of $61.5k could potentially serve as strong support for the asset when considering the Short-Term Holder Realized Price, a metric that reflects the realized capital of those BTC holders who have held their coins from a day to six months.the 0-day to 1-week Bitcoin STH, capturing 10.
Notably, the 1-3 month holders who entered during March’s rally now command more than 30% of the realized cap, reflecting a substantial transfer of volume from long-term to short-term holders. This sensitivity of investors to the STH realized price could lead to $61.5k acting as a pivotal level, as per CryptoQuant’s analysis, which, if breached decisively, may flip from a support to a strong resistance.a little below $67,500 after surpassing this level over the weekend. The level has been deemed noteworthy by 10x Research’s latest“Bitcoin’s price action has significantly improved since last week.
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