Will Bitcoin Break Through $70k? Short-Term Holders’ Buy Price Holds The Key 📈
Recent CryptoQuant analysis suggests that short-term Bitcoin holders’ average buy price could be a key factor in predicting the leading crypto’s future movements. The focus is on holders who have had Bitcoin for months, with historical data indicating that their average buy price often serves as a critical support or resistance level.
The analysis, provided by an analyst under the pseudonym ‘Avocado Onchain,’ points out that monitoring this average buy price could offer insights into Bitcoin’s potential future trends. Historical instances show that when Bitcoin’s price either broke through or was rejected by the average buy price, it influenced the cryptocurrency’s price direction.
The average buy price of Bitcoin holders who have held their assets for 1-3 months has repeatedly influenced the cryptocurrency’s price direction. Breaking through this average buy price often leads to a bullish trend, while it acting as resistance can signal a bearish phase. An example is when Bitcoin reached $73,000 and then saw declines as it failed to surpass the average buy price of these short-term holders.
Bitcoin is now seeing a push towards the upside following the U.S. Federal Reserve’s recent rate cut. The asset has surged by 5.8% in the past day, currently trading at $63,054. With this announcement, Bitcoin is once again attempting to break through the average buy price of 1-3 month holders. Analysts remain optimistic about Bitcoin's future movement given current indicators.
Crypto analyst, Moustache, mentioned that Bitcoin has, for the first time, seen a ‘golden cross of the SMA100/SMA200 (W).’ Coupled with the recent interest rate cut, this technical pattern might set Bitcoin up for legendary price moves in the coming months.
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