đ Bitcoinâs Short-Term Holder Floor Nears $100K Is a Major Surge Imminent?
Bitcoin (BTC) has regained most of its losses after a weekend slide to roughly $98,000 and is presently trading above $107,000. New on-chain data reveals that BTC's short-term holder (STH) floor is moving approaching $100,000.
In a recent CryptoQuant Quicktake article by contributor unchained, Bitcoin's STH Realized Price has been slowly approaching $100,000. The analyst previously called this indicator the âfault lineâ to monitor.
The STH Realized Price is the average price at which every Bitcoin held for fewer than 155 days was bought. It provides psychological and technological help.
STH are profitable and confident when the market price is above it, but panic and selling pressure grow when it goes below. Around $98,000 is the STH Realized Price.
The analyst says each $500 STH Realized Price increase resets the ânew buyersâ comfort floor.â New investors raise their mental stop-loss as this measure approaches six digits.
The following chart shows two recent BTC bounces after reaching the blue STH Realized Price line. When BTC returns to its typical cost basis, selling pressure decreases, indicating a bullish structure.
The premium between BTC's spot price and STH Realized Price is 7.2%. After open interest rebuilt, a declining premium, usually under 10%, signaled market froth and frequently preceded the next leg higher.
The long-term holder (LTH) Realized Price continues at $32,000, about one-third of the STH Realized Price. The expert notes that these long-term coins are presumably in cold storage, suggesting âstrong handsâ with no motivation to sell. They concluded:
As long as BTC is above the blue line, the tide is higher-lows, higher-highs. Lose it on a daily close and we get our first gut-check since April; otherwise, the bull engine is cooling.
