Crypto Blog
Bitcoin’s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market.
A bullish breakout could lead to a new surge toward higher prices. Meanwhile, if the cryptocurrency gets rejected to the downside, the $60K level would likely support pushing it back higher.The 4-hour chart demonstrates a tricky situation for the BTC price, as it is currently consolidating in a small descending channel at the $64K level.
During the recent Bitcoin price consolidation and gradual correction, many short-term holders have panicked and sold their holdings, even those not in profit. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits/losses realized by short-term investors.
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