Bitcoin Bulls Battle STH Realized Price as Resistance Fades
CryptoNewsTerminal Staff19 Sep, 2024
Bitcoin Bulls Battle STH Realized Price as Resistance Fades
The short-term holder (STH) realized price has been a crucial support and resistance level for Bitcoin (BTC), according to CryptoQuant contributor Avocado_onchain. With the recent Federal Open Market Committee (FOMC) rate hike announcement, BTC price action is hinting at a possible breakout above this key metric. Since reaching $73,000 in March, BTC has struggled to surpass the STH realized price, indicating weakness in the market. However, the recent price action suggests a shift in momentum, with BTC attempting to break above this resistance level. Avocado_onchain further notes that if BTC can successfully breach the STH realized price, it could signal a bullish trend for the cryptocurrency. Conversely, a failure to break above this level could indicate further weakness and a potential decline in BTC's price. The STH realized price represents the average price at which short-term holders, who have held BTC for 1 to 3 months, acquired their coins. This metric serves as a gauge of the cost basis for these holders and can influence their trading behavior.
