According to CryptoPotato, Bitcoin's price has seen a weekly recovery of over 7%, briefly surpassing the $67,500 mark, a level not reached in nearly a month. The leading cryptocurrency is now aiming to establish a new peak. This recent upward price movement has established new support for Bitcoin. However, if this level is flipped, it could also become a significant resistance area.
A crucial level of $61.5k has emerged, which could potentially serve as strong support for the asset. This is based on the Short-Term Holder (STH) Realized Price, a metric reflecting the realized capital of Bitcoin holders who have held their coins for a period ranging from a day to six months. This group of investors constitutes 53.48% of the total market cap, thus carrying significant weight. Within this group, CryptoQuant identified the 0-day to 1-week Bitcoin STH, which makes up 10.6% of the market and closely tracks the spot price, often without indicating significant variance.
Meanwhile, the 1 week to 6 months group, accounting for 47.78% of the market, provides a more accurate reflection of short-term trader actions and sentiment. Notably, the 1-3 month holders who entered during March's rally now command more than 30% of the realized cap, indicating a substantial transfer of volume from long-term to short-term holders. According to CryptoQuant's analysis, the sensitivity of investors to the STH realized price could make $61.5k a pivotal level. If this level is decisively breached, it may flip from a support to a strong resistance.
Bitcoin's price has improved since last week and is currently hovering just below $67,500 after surpassing this level over the weekend. This level has been highlighted as significant by 10x Research's latest newsletter, which suggested that a break above could lead to new all-time highs. The newsletter stated, 'Bitcoin's price action has significantly improved since last week. Prices have rebounded towards their late April resistance zone (67,500), surpassing the early May highs (64,000). A breakthrough above 67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.'
