If the price drops further, watch this Bitcoin support range,
A key support range is being focused on in the face of a potential decline in the price of the cryptocurrency Bitcoin, which is located between $94,000 and $97,900.
This range includes three major support lines that have historically been key to price support,
Two of these lines are moving averages, with periods of 111 days and 200 days respectively,
A moving average takes an average of the price that helps to predict long-term trends and smooths out local price fluctuations,
The third support line is an on-chain metric called “Realized Price,” which is specific to short-term holders,
Short-term holders are investors who have purchased Bitcoin in the last 155 days,
This metric shows the average cost of these investors. If this price is below the current market price, it means that these investors are at a loss, while if the market price is above it, they are at a profit.
Analyst Axel Adler Jr. has shared a chart showing the status of these three indicators over the past few years, which shows that Bitcoin’s current price is trading above all of these lines,
This narrow range, which has supported the price many times in the past, could prove to be a strong support zone in the future, especially if the price falls to this level,
Bitcoin's price recently fell from around $109,000 to $104,300, ending its recent recovery,
However, the price is still some distance from the aforementioned support range, and if the price declines further, special attention will be paid to this range as it could potentially help stabilize the price,
This analysis helps understand the behavior of long-term and short-term Bitcoin investors and predict potential price trends, which is important for investment decisions in the market....
BOTSLASH: Crypto Urdu and English News, Education and Analysis
Bot Slash: Crypto Urdu News, Education and Analysis,
This is news, this is analysis,
Sir, this post is not financial advice. If you want to invest in the crypto market, do your research first and then make a purchase. 😊
follow me for latest crypto news and analysis