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Bitcoin has seen a crash to the level of $ 87,000 last day, but if the data on the series will go, the diving may become more deep.
Bitcoin lost an important support level with the accident
In new mail In X, Glassnode discussed the set of analyzes on how to change some Bitcoin indicators after diving in the price of encrypted currency.
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The first scale in which the Analysis Company participated is the achieved price for short -term holders. The “achieved price” tracks the cost of the normal investor or address on the BTC network.
When the immediate price of the original is traded above this indicator, this means that investors as a whole can be seen in a profit. On the other hand, the scale involves the dominance of loss in the market.
In the context of the current topic, the price achieved for a section only of the user base is important: their in -term holders (STHS), who refer to investors who bought their coins during the past 155 days.
Now, here is a scheme that shows the trend in the price of Bitcoin Sth in the past few months:
As shown in the graph above, Bitcoin has been trading above the price achieved over the past few months, which means that Sths had enjoyed profits, but with the last crash, the situation turned.
The STH price is equal to 92,500 dollars, so at the current instant price, the members of this regiment will carry an average loss of more than 6 %. “The failure to restore the basis of the STH cost may mean continued pressure pressure from new buyers,” Glassnode notes.
Regarding the extent that BTC can drop here, it may have a historical style. According to the Analysis Company, all post -May 2021 corrections, November 2021, and the April 2024, have witnessed one standard deviation less than the achieved price.
Nowadays, this price range is between $ 71,000 and $ 72,000. If the previous style is to move forward, this correction also will also lead to Bitcoin to near this band.
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The cost basis distribution, another scale related to the cost of the investor, also highlights this same level as important in the encrypted currency.
From the graph, it is clear that a large amount of investors have the basis for cost in different regions exceeding $ 87,000. However, according to this brand, she bought very few headings of the coins, so that it ranges between 71,000 dollars to $ 72,000. “This may mean weaker support in this range, giving the bears more control,” explains the Analysis Company.
BTC price
At the time of this report, Bitcoin floats around $ 8,200, a decrease of more than 7 % over the past week.
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com
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