CryptoQuant: Analysis of Key Bullish and Bearish Price Levels for Short-Term BTC Holders
On August 28, according to the insights from CryptoQuant analysts, short-term Bitcoin holders (holding time less than 155 days) significantly impact market sentiment, and their confidence is expected to attract more new funds into the market.
Currently, the Bitcoin price is at a crucial turning point in the 109K to 112K range. If the closing price this week can break through this area, it is expected to strengthen the upward trend; on the contrary, if it falls below this range, it may accelerate the pullback.
Key Price Level Analysis (as of August 26 data):
· Key Resistance Level (1 week to 1 month): 117.3K
- Short-term Resistance Level (green K in the chart), if the price reaches this level, trapped investors may choose to sell, thus creating some upward pressure on the coin price.
· Key Decision Level (1 month to 3 months): 112K
- Short-term Decision Level (purple K in the chart), the performance of Bitcoin price in this range will determine the short-term market trend.
· Key Support Level (3 months to 6 months): 92.4K
- Short-term Support Level (blue K in the chart), if the price falls to this level, it will provide some support.
In addition, the realized price for short-term holders of BTC is $108,900, which also serves as an important reference point for the market.
In summary, Bitcoin's performance in the crucial turning range of 109K to 112K will have a significant impact on the short-term market trend.
Investors need to closely monitor the price dynamics in this range to better grasp market trends and make reasonable investment decisions.
