Bitcoin at Crossroads: Analysis Predicts Resistance at $64,000-$66,000 Range
CryptoNewsTerminal Staff22 Aug, 2024
Bitcoin at Crossroads: Analysis Predicts Resistance at $64,000-$66,000 Range
Bitcoin’s rally could face resistance between $64,000 and $66,000, according to an analysis by CryptoQuant analyst Burak Kesmeci. Kesmeci's analysis focuses on the average purchase price of short-term Bitcoin holders, which he defines as those who have held the cryptocurrency for 1-3 months or 3-6 months. He found that the average purchase price for 1-3 month holders is $64,206 and $65,898 for 3-6 month holders. Historically, selling activity from short-term BTC holders has been interpreted as a sign of upward price momentum, according to Kesmeci, as realized profits could lead to upside potential.
