CandleFocus Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is
2024-12-20
Author: Content Editor
Bitcoin has experienced a drop in price, and the closest support level that may be retested if the decline continues is the Realized Price of 1-week to 1-month-old BTC investors. The Realized Price is an on-chain indicator that tracks the acquisition price of the average holder on the Bitcoin network. Currently, the Realized Price of this investor group is $97,900, indicating that they would be in profit at the current price. Short-term holders, particularly those who have held their coins for 1 week to 1 month, are more likely to react when their average cost basis is retested by the Bitcoin price. The Realized Price of these short-term holders could be seen as a support level for Bitcoin, as it has already provided support once this month. If bearish momentum returns, the retest of this support level may be significant. As of now, Bitcoin is trading at around $102,200, down nearly 3% in the past 24 hours.
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