Bitcoin Sees Heating Price Action As Mid-Term Realized Price Near $99,500
Bitcoin ($BTC) is getting market-wide attention as the traders look at the crucial 6-12 month realized price trajectory. In this respect, Bitcoin ($BTC) average price stands 4% below $99,500 threshold. As per the data from IT Tech, this level, which indicates the mid-term $BTC holders’ cost basis, often becomes pivotal for sentiment. Hence, as a result of this, Bitcoin ($BTC) is reportedly showing a heating up price action.
Bitcoin Faces Key Resistance as 6-12 Month Realized Price hits $99,500
Based on the exclusive market data, Bitcoin’s ($BTC) realized price within the 6-12 month period is moving below the $99,500 mark. This point normally plays a notable role in the leading crypto asset’s price action. Nevertheless, for that purpose, Bitcoin will need to surge above the respective level.
Keeping this in view, $99,500 presents a substantial resistance and a narrative anchor in the case of mid-term purchasers who became market participants during the past cycle. Thus, staying below this level signals caution, while traders are wary of any false rallies. As a result, they are engaged in balancing optimism regarding adoption in the long run with provisional volatility.
Traders Split Between Breakout Opportunity and Defensive Stance
According to IT Tech, such an interplay between the spot action and realized price underscores a noteworthy metric to determine the start of a bullish phase or prolonged turbulence. So,k some of the traders are still defensive until the clarification of a rally. On the other hand, the others deem this as a key opportunity before a massive breakout. In the meantime, the trajectory over the next few days will lead toward a clear direction.
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