CandleFocus Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating?
2024-10-26
Author: Content Editor
According to data from CryptoQuant, short-term holders are currently trading Bitcoin at a 6.2% net asset value premium, suggesting optimism about future price gains. This premium is seen as a gauge of market sentiment, with a higher premium indicating expectations of continued price appreciation. As BTC stabilizes, attention is focused on the $70,000 mark as a potential breakout level. The growing demand from short-term holders and the consolidation of Bitcoin below key supply levels are creating a favorable environment for potential price appreciation. However, if BTC loses the $65,000 support level, it could retrace towards the 200-day moving average at $63,274. Holding above this moving average is crucial for preventing a bearish reversal.
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