Bitcoin (BTC) has recently seen its price drop below the critical $27,000 support threshold for the first time since the month of March 2023. The market sentiment regarding the U.S. debt ceiling woes and the negative effects of the BRC-20 Meme Coin rave on transaction fees have increased the volatility of the digital asset significantly. However, on-chain data has shown that panic sells-off have not occurred, as long-term investors remain hodling.

Mean Coin Age is one of the most important indicators that reflects the behavior of investors in terms of the duration of their BTC investments. According to this metric, there has been a slight rise in the mean coin age, from 1,465 to 1,472 days, during the 10% price retracement of Bitcoin. This implies that most long-term holders are holding firm, which could be enough to avoid a further dip to $25,000.

In order to validate the bullish Bitcoin prediction, the digital asset must first manage to clear the initial resistance at $27,500. Active limit orders to purchase approximately 4,890 BTC have been placed at this range, mainly with the aim of taking advantage of a potential price dip. What's more, the overall demand for BTC at exchanges considerably outnumbers the sell order by around 10,000 coins.

If the positive Bitcoin outlook is confirmed, the price of the coin is likely to reach $30,000. Nonetheless, if the BTC price falls under $25,000 without the bullish support of holders that have previously purchased around 75,000 coins, the positive prediction could be negated and the price would plunge to a support level at $23,000.



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