Since he reached a new high point of $ 124,427 on 14 August, Bitcoin has entered a long -term corrective phase and has lost 12.18% of his value in the past two weeks. Now that market prices are now moving within the range of $ 109,000, market analyst Yonsei_Dent has identified a crucial level of support for the current Bullish market structure.
Bitcoin’s $ 107,800 line in the sand: support or breakdown Vooruit?
In one Quicktake Post On Cryptoquant, Yonsei_Dent shares some technical insight into the Bitcoin market, which currently emphasizes various important price levels. The analyst explains that the current market price of Bitcoin is almost directly on top of the realized price of the short term, an important metric that keeps track of the average cost -based coin of recently acquired coins.
It is remarkable that investors hold coins for 1 week – 1 month, an average cost basis of $ 116,400, while the cohort of 1-3 months is lower at $ 112,600. In the meantime, holders in the range of 3-6 months have a considerably cheaper cost-based cost of $ 93,400. When all these groups of short-term holders are weighted by realized capitalization, the blended average STH costs base is calculated at around $ 107,800, ie around 1.45 %% below current market prices.
This alignment makes the level of $ 107,800 a critical line in the sand, so to speak, for the current bullish structure. If Bitcoin stays above this threshold, holders remain close to break life in the short term, reducing the chance of widespread panic sale. However, if Bitcoin Bulls lose this support zone, many new market and newcomers will fall into the loss area, increasing the potential for an increased sales pressure.
In such a bearish scenario, market participants would probably focus their attention on the $ 93,400 support area, where the cost basis of 3-6 months is staying. This level could offer the following significant pillow, since investors are in this cohort healthier profit and will probably show a stronger conviction.
However, it is worth explaining that the situation is not downright bearish. A decisive recovery above $ 112,600 – $ 116,400, which represent the cost bases of 1-3 months and 1 week – 1 month holders respectively, can restore market confidence and restore the Bullish Momentum in the direction of a potential return to the current market ATH.
Bitcoin -Award overview
At the time of the press, Bitcoin acts at $ 109,400 after a devaluation of 5.65% in the past month. In the meantime, the daily trade volume has fallen by 27.02% and appreciated at $ 50.48 billion. With a market capitalization of $ 2.15 trillion, Bitcoin remains the largest cryptocurrency and the fifth largest global active.