Crypto Blog
Bitcoin’s price has recently recovered from a month of bearish price action. Considering the current upward momentum, the market might even make a new all-time high soon.
Yet, the market is struggling to break above the $65K resistance level, as it has failed in the last three days. Meanwhile, with the RSI showing a clear bullish momentum, it could only be a matter of time before BTC trades above the $70K mark again. This scenario would fail if the price drops below $60K again.Looking at the 4-hour timeframe, the market has begun an impulsive rally since breaking the bearish trendline to the upside.
The buying and selling behavior of short-term BTC holders is one of the key factors that shape the price action in the near term. Therefore, analyzing the Bitcoin Short-Term Holder SOPR metric can be beneficial in predicting price action in the upcoming weeks.
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