CandleFocus Bitcoin in Big Trouble Unless It Reclaims These Levels Soon
2024-09-06
Author: Content Editor
Bitcoin's failure to trade above certain price levels for over a week is raising concerns about the cryptocurrency's future. The Short-Term Holders (STH) Realized Price, which tracks the average on-chain cost of BTC moved within the last 155 days, is currently above Bitcoin's spot value. If the spot price falls below this metric for an extended period, it could signal a possible bear market. The Global In/Out of Money indicator also suggests significant resistance for Bitcoin between $61,578 and $72,500, with a potential price drop to $49,364 if demand fails to show up. A technical analysis of the three-day Bitcoin chart indicates a bearish trend, with a potential price drop to $47,778. However, if Bitcoin regains $61,935, the bearish prediction could be invalidated and a price rally towards $71,453 could occur.
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