BTC Price Could Hit Resistance as it Trades Below Short-Term Whales' Cost Basis
CryptoNewsTerminal Staff09 Aug, 2024
BTC Price Could Hit Resistance as it Trades Below Short-Term Whales' Cost Basis
CryptoQuant contributor XBTManager recently analyzed that Bitcoin (BTC) is currently trading below the short-term whales' cost basis. The realized price for this group of investors is around $64,000~$65,000, suggesting that this price range could serve as a resistance line for BTC's upward movement. Whales are often considered influential market participants, and their buying and selling behavior can have a significant impact on the overall price of an asset. As such, the fact that short-term whales are currently holding BTC at a higher cost basis could indicate that they are less likely to sell their holdings at current prices, potentially limiting the asset's potential upside. However, it is important to note that market conditions can change rapidly and other factors, such as macroeconomic news or regulatory developments, could also impact BTC's price action.
