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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm

Keshav Verma
Keshav Verma
9 months ago
3 mins read
Bitcoin

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Este artículo también está disponible en español.

An analyst has warned that support levels weaken the more they are retested and Bitcoin is now doing a third consecutive retest of a major such level.

Bitcoin Is Again Retesting The Short-Term Holder Realized Price

As explained by CryptoQuant community manager Maartunn in a new post on X, BTC’s latest drawdown has led to it doing another retest of the short-term holder Realized Price. The “Realized Price” here refers to an indicator that, in short, keeps track of the average cost basis of the investors or addresses on the Bitcoin network.

When the value of this metric is greater than the spot price of the cryptocurrency, it means the average investor in the market could be assumed to be holding a net unrealized profit. On the other hand, the indicator being below the asset’s value suggests the dominance of losses on the blockchain.

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Bitcoin

Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm

9 months ago

In the context of the current topic, the Realized Price of the entire userbase isn’t of interest, but that of a specific segment of it: the short-term holders (STHs). The STHs include all the investors who bought their coins within the past 155 days.

Now, here is a chart that shows the trend in the Bitcoin Realized Price for the STHs over the last few months:

Bitcoin Short-Term Holder Realized Price
The price of the asset appears to be retesting this metric right now | Source: @JA_Maartun on X

As displayed in the above graph, the Bitcoin spot price had slipped under the STH Realized Price in June, but it finally managed to break above the line halfway through last month.

In the weeks since the asset has seen a couple of pullbacks back to the line, but it has managed to find rebounds each time. Now, after the latest decline, the coin’s price is once again retesting the level.

Historically, the STH Realized Price has been a reliable point of support for the cryptocurrency during bullish periods. The explanation behind this pattern may lie in how investor psychology works.

The STHs represent the fickle-minded side of the sector, who are sensitive to change. As such, whenever the price retests their cost basis, they may be prone to making panic moves.

In times when the atmosphere in the market is bullish, the STHs may believe such a retest to merely be a dip opportunity, so they could decide to accumulate more. This could be why Bitcoin has found rebounds at the level in the past.

While the level has generally been reliable indeed, this latest retest that BTC is facing is already the third within a narrow period. “Each time a level is tested, it becomes weaker,” notes Maartunn.

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XRP Bullish Signal: Shark & Whale Population Sharply Growing

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It now remains to be seen if the Bitcoin STHs still carry a bullish outlook on the cryptocurrency or if the constant pullbacks have put fear on their minds.

BTC Price

Bitcoin has continued its recent bearish momentum in the past 24 hours as its price has slid another 2% to reach the $64,700 level.

Bitcoin Price Chart
Looks like the coin has been going down in recent days | Source: BTCUSD on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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