CEX.IOmostTrusted2
Altcoins

Bitcoin short-term holders in profit after prices briefly touch $28,500


  • BTC’s Short-Term Holder Realized Price climbed above price for the first time since June.
  • Due to the price fall in the last 24 hours, long liquidations exceeded shorts.

Bitcoin’s [BTC] Short-Term Holder Realized Price (STH RP) rallied above the coin’s price for the first time since June during the intraday trading session on 2 October, when the leading coin breached key resistance at $27,800 to exchange hands at $28,500, data from CryptoQuant showed. 

Source: CryptoQuant


Read Bitcoin’s [BTC] Price Prediction 2023-2024


BTC’s STH-RP tracks the average price at which all short-term holders purchased their coins. Short-term holders are investors who have held their BTC for less than 155 days.

The metric proves useful in tracking the sentiment of this cohort of BTC investors. When the STH-Realized Price is above the BTC’s current price, it is regarded as a bullish signal, as it suggests that short-term holders are in profit.

Conversely, when the metric is positioned below BTC’s price, it indicates that short-term holders are at a loss. 

Highlighting the significance of BTC’s STH-RP current setup, pseudonymous CryptoQuant analyst Onchained, in a newly published report, noted:

“With Bitcoin at $28,500 USD, significantly surpassing the STH RP line previously at $27,900 USD, short-term holders are now in a profitable position, potentially leading to a bullish sentiment and greater asset retention, contributing to market stability.”

Slight correction in price, but sentiment remains positive

Following BTC’s brief stint above $28,000, its price retracted to exchange hands at $27,605 at press time, data from CoinMarketCap showed. Within the past 24 hours, the coin’s value dropped by almost 2%.

See also  Bitcoin Completes 'End Run,' Analyst Says

Despite this, weighted sentiment across the general market remained positive, data gleaned from Santiment showed. At 1.262% at press time, investors remained unfazed by the slight correction in BTC’s value.

Source: Santiment

This was seen from the unabated accumulation that continued amongst the coin’s spot traders on a 12-hour chart. At press time, the coin’s Relative Strength Index (RSI) was 59.74, while its Money Flow Index (MFI) spotted at 54.27. 

Moreover, BTC’s price traded close to the upper band of its Bollinger Bands (BB) indicator as of this writing. When an asset’s price moves in this manner, it signals that the asset is trading at a high price relative to its recent trading range.

While this often suggests a price correction is imminent, BTC’s price might stabilize at this current range if positive sentiment is maintained.

Source: BTC/USDT on TradingView


How much are 1,10,100 BTCs worth today?


Long traders count their losses

When BTC’s price began to climb on 2 October, several long trading positions were opened as traders in the coin’s futures market placed more bets on an upward price growth. 

However, with the decline suffered in the past 24 hours, the volume of long liquidations surged.

According to data from Coinglass, long positions accounted for 69% of all liquidated positions recorded in the last 24 hours. 

Source: Coinglass

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button