Bitcoin Report from Bitfinex: “On-chain Data Gives a Fall Signal, BTC Can Test These Levels!”

Bitcoin While it failed in its attempt at $38,000 last week BTC It continues its horizontal movements.

At this point, investors are wondering when BTC, which had a nice rise last week, will rise again. BitfinexA new report came from .

Analysts Bitfinex Alpha In the latest issue of the report BTCStating that ‘s has entered a high volatility environment, he warned investors to be careful in their crypto strategies.

at this point Stating that Bitcoin may pause its rise to $38,000 for a while, Bitfinex analysts said that on-chain data points to a decline and that BTC may fall to the $31,000 range.

Here, the key to understanding BTC’s price movements is Short-Term Holders’ Realized Price (STH RP) Analysts stated that:

“Even at Bitcoin’s current levels, the average purchase price for short-term holders (Short-Term Holders’ Realized Price (STH RP)) stands at approximately $30,380.

This difference between the STH RP and the current market price has reached its most significant level since April 2022.

At this point, when looking at historical data, such a movement of STH RP on a monthly basis shows that caution is needed.

Historically, when there is a $2000 monthly change in STH RP, a negative change is observed in the Long-Term Holders’ Realized Price (LTH RP), which reflects the average purchase price of long-term holders.

The combination of positive monthly change in STH RP and negative change in LTH RP indicates that BTC price has reached a local top, and Bitcoin is expected to experience a pullback to test the STH RP level of $30,380.

In this context, while STH RP is hovering around $30,380, BTC may return to the range of $30,000 to $31,000.”

Bitcoin At the time of writing, it continues to be traded at $ 36,570.

*This is not investment advice.