Bitcoin Price Under Pressure? Analyst Explains Why Retreat Below $66,000 Is Bad News
01 Settembre 2024 - 2:00PM
NEWSBTC
A crypto analyst has pinpointed the $66,000 mark as a crucial level
for the Bitcoin price and its trajectory over the coming
weeks. Bitcoin Price Needs To Climb Above $66,000 — Here’s
Why Popular crypto pundit Ali Martinez took to the X platform to
share an interesting on-chain observation for the price of Bitcoin.
This on-chain revelation revolves around the warm supply realized
price metric, which is derived from the average purchase price of
Bitcoin that has been inactive for one to three months. Related
Reading: ADA At A Crossroads: Approaching $0.3389 Support With
Potential For A Deeper Decline As the name suggests, this realized
price accounts for warm (relatively recent) supply metrics, as
opposed to “hot” (very recent) or “cold” (old) market activity.
This metric is especially relevant because it offers a
psychological and technical reference point for investors.
Typically, when the Bitcoin price is above the warm supply realized
price, it means that the recent investors are in the green. On the
other hand, the BTC price being below the warm supply realized
price indicates that a significant percentage of recent investors
are currently at a loss, which may potentiate selling pressure and
result in a bearish trend. #Bitcoin above the warm supply realized
price is a positive sign, while dropping below it may indicate the
start of a longer bear market. Right now, this level is $66,000. If
$BTC stays under it, bulls should proceed with caution!
pic.twitter.com/QWzTquQ5Mh — Ali (@ali_charts) August 31, 2024 Data
from Glassnode shows that the warm supply realized price is
currently around $66,000. According to Martinez, bulls should
approach the market with caution especially if the Bitcoin price
continues to struggle beneath this level. This is because a
sustained sub-$66,000 stay might be indicative of the start of a
long-term bear phase, where prices could slip even lower as selling
pressure increases. BTC Price Could Continue To Range Between
$58,000 And $65,000 Interestingly, it appears that the premier
cryptocurrency would still lag under the crucial $66,000 level for
a while. According to analysts at QCP Capital, the Bitcoin price is
likely to remain within the $58,000 and $65,000 consolidation range
over the next few weeks. This projection comes as the Bitcoin
market has become somewhat desensitized to the usual bullish
triggers. The QCP analysts believe that the price of the flagship
cryptocurrency will continue to consolidate until certain positive
catalysts ignite the market. Related Reading: Bitcoin Set For
Further Losses As Data Points To Stormy September – Details As of
this writing, the Bitcoin price stands at around the $58,950 level,
reflecting a mere 0.3% decline in the past 24 hours. According to
data from CoinGecko, the market leader is down by more than 8% in
the last week. Featured image from iStock, chart from TradingView
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Ott 2023 a Ott 2024