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Bitcoin
came within $100 of the Short-Term Holder Cost Basis and then bounced up $2K.
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My deep dive on Bitcoin and what I'm seeing in the market and on the charts: https://open.substack.com/pub/onchaincollege/p/bitcoins-inflection-point?r=1b0q8k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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All eyes on the Short-Term Holder Cost Basis at $98.3K, just $1K away from the current price of Bitcoin . This level has historically been a key battleground. How price reacts here could shape the next major move for BTC.
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$96K (blue) or $144K (orange)? Whether we blast off to $144K or shake out weak hands below $100K, keep the bigger picture in mind. This entire bull market, Bitcoin has been bouncing within this range and the odds still favor a move higher.
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The Bitcoin Short-Term Holder MVRV has returned to the mean despite price nearing all-time highs. The market has reset and looks primed for the next move.
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Realized Loss levels are low, Realized Profit levels are decreasing, and Unrealized Profit/Loss levels are relatively muted for Bitcoin. I dive deep into what this data is suggesting: https://open.substack.com/pub/onchaincollege/p/profitloss-levels-shed-insights-about?r=1b0q8k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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