Bitcoin’s price briefly dipped below a critical level for traders, sparking fears that a further correction toward $60,000 might be on the horizon.
Bitcoin recently fell below $64,000, breaking its short-term holder realized price and signaling a possible further decline to levels unseen in 49 days, according to cryptocurrency analysis firm CryptoQuant. “Bitcoin is trading below the critical support level of $65.8K, now below $64K,” CryptoQuant wrote in a June 21 X
“Falling under this threshold suggests a potential 8%-12% correction toward $60K,” CryptoQuant added, a level not broken since May 3 when Bitcoin at the time, which was $64,230,to LookIntoBitcoin data. Short-term holder realized price is an important indicator for traders as it is the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing Bitcoin for 155 days or less.It can act as a solid support, as it has for much of the bull market since early 2023.
Ki Young Ju, founder and CEO of onchain and market analytics firm CryptoQuant, believes “Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top.”Bitcoin prepping breakout with '$90K+' BTC price target — New analysis
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