๐Bitcoin (BTC) is back in the game, folks!๐ After a weekly recovery of over 7%, BTC's price briefly soared above $67,500, a level unseen in nearly a month. Now, the world's leading crypto asset is setting its sights on a new peak. ๐๏ธ
BTC's recent price surge has established a new support level. But, watch out! If this level flips, it could also become a major resistance area. The $61.5K mark is emerging as a crucial level, potentially serving as a robust support for BTC. ๐ฏ
Why is $61.5K so important, you ask? Well, it's all about the Short-Term Holder (STH) Realized Price, which reflects the realized capital of BTC holders who've held their coins from a day to six months. This group accounts for a whopping 53.48% of the total market cap, so their actions carry significant weight. ๐๏ธโโ๏ธ
Among this group, the 1-3 month holders who hopped on board during March's rally now control over 30% of the realized cap. This shows a hefty transfer of volume from long-term to short-term holders. If the $61.5K level is breached decisively, it could flip from a support to a strong resistance. ๐
But, let's not lose sight of the bigger picture. BTC's price has been on an upward trajectory since last week, currently hovering just below $67,500. If BTC breaks above this level, we could be looking at new all-time highs. ๐
So, BTC enthusiasts, keep your eyes peeled! The crypto landscape is ever-changing, and BTC is no exception. Stay tuned for more updates! ๐๐