Leading cryptocurrency Bitcoin While it made investors happy with its rise to $ 42,000, a new report from CryptoQuant analyst BTC analysis has arrived.
Pointing out that Bitcoin has recorded a strong rise, the analyst said that there is an important resistance point in front of BTC.
The analyst stated that this resistance level is $ 45,000. He stated that this level is not only a technical threshold, but also of great importance for a significant portion of Bitcoin owners and is important for the course of BTC.
Because this resistance level of $ 45,000 corresponds to the average cost of those who invested in Bitcoin two to three years ago.
The analyst emphasizes that these investors have maintained their HODL positions for about two or three years. “This shows that investors believe in Bitcoin’s long-term rise.” said.
“With Bitcoin’s recent rally from $35,000 to nearly $42,000, the focus has increasingly turned to the next key resistance level at $45,000.
This level is of great importance not only as a technical point, but also because of its relevance to a significant segment of Bitcoin holders. Because this resistance level of $ 45,000 corresponds to the average cost of those who invested in Bitcoin two to three years ago.
“These investors maintained their HODL positions and demonstrated their strong belief in the long-term value of Bitcoin.”
“Investors’ Decision May Affect Bitcoin’s Direction!”
Stating that this group of investors is called medium-term investors, the analyst said that the investment behavior of this group can significantly affect the market trends of BTC.
According to the analyst, if this group of investors decides not to sell their Bitcoins and continue to maintain their positions when the BTC price approaches or exceeds $ 45,000, significant upward movements in the Bitcoin price may occur.
“The decisions these investors make at the $45,000 level can significantly affect the course of Bitcoin.
If this level is broken by maintaining HODL positions, the positive atmosphere in the market can be supported.
“But if they decide to sell, it could lead to selling pressure.”
Bitcoin continues to trade at $41,720 at the time of writing.
The $45k Threshold: A Turning Point for Bitcoin’s Medium-Term Investors
“The $45k mark is pivotal as it represents the cost basis for investors who acquired Bitcoin 2 to 3 years ago. This cohort holds 16% of Supply and represents 33% of Realized Cap.”
Quicktake Post by Gustavo… pic.twitter.com/xo4rAoeo92— CryptoQuant.com (@cryptoquant_com) December 5, 2023
*This is not investment advice.
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