Following a market rebound on Friday, Bitcoin (BTC) has since proven little worth motion gaining by solely 0.42% within the final day. The premier cryptocurrency presently hovers round $63,000 as traders proceed to await the normal bullish surge of “Uptober”. Commenting on BTC’s potential subsequent motion, CryptoQuant analyst ShayanBTC has highlighted key worth ranges traders ought to look out for.
Bitcoin Must Overcome Major Resistance To Prevent Crash To $55,000
In a Quictake post on Saturday, ShayanBTC shared key insights on the connection between Bitcoin’s Realized Price Unspent Transaction Output (UTXO) Age Bands and potential market traits. Generally, the Realized Price UTXO Age Bands is an on-chain metric that gives insights into Bitcoin holders’ habits. Specifically, it reveals the typical worth at which sure classes of BTC traders acquired their tokens.
According to ShayanBTC, the realized worth for short-term holders of Bitcoin i.e. holders of BTC for 3 to 6 months, presently lies at $64,000 whereas long-term holders of Bitcoin i.e. for 6-12 months presently have a realized worth of $55,000. The analyst explains that realized worth ranges normally function robust assist as key assist or resistance ranges within the BTC market. This is actually because they symbolize the typical price foundation for Bitcoin holders and infrequently type psychological worth factors.
Based on BTC’s present worth of round $63,000, the short-term holders’ realized worth of $64,000 presents a pivotal resistance degree, a triumphant breakout above which alerts would point out the continuation of the asset’s current upward trajectory. However, if BTC fails to interrupt previous $64,000 maybe as a result of elevated promoting exercise or macroeconomic components, Shayan expects the asset to fall to round $55,000 i.e. the realized worth degree for long-term holders.
Interestingly, Shayan’s observations are effectively mirrored on Bitcoin’s every day chart the place the premier cryptocurrency has persistently oscillated between $55,000 – $65,000 over the past two months. Should BTC escape of this range-bound sample, it might want to surpass the resistance at $70,000, which might sign the beginning of a market bull run.
BTC Network Fees Up By 32%
In different information, Bitcoin recorded $5 million in community charges, representing a 32.4% rise over the past week. According to on-chain analytics firm, IntoTheBlock, this growth signifies a heightened community exercise regardless of calming market volatility.
At the time of writing, the crypto market chief trades at $62,786 reflecting beneficial properties of two.13% and 9.08% within the final seven and thirty days respectively. Meanwhile, BTC’s every day buying and selling quantity is presently valued at $17.57 billion, following a 42.92% decline.
Featured picture from The Economic Times, chart from Tradingview
