The average purchase price of BTC for short-term investors exceeded $64,000 last week.
“Bitcoin will continue to rise unless it falls below $64,000.”
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In a report contributed to Crypto Slate, a cryptocurrency media outlet, on the 10th, digital asset expert Van Straten pointed out that the average purchase price of short-term investors holding Bitcoin for less than 155 days recently exceeded $64,000.
Straten attached Glassnode's on-chain data as evidence to support the report's claims. The average price of Bitcoin for short-term investors shown in the data has continued to rise over the past 18 months and exceeded $64,000 last week.
Bitcoin resumed its rise last week due to the heightened popularity of Bitcoin spot exchange-traded funds (ETFs) in the United States, and is currently maintaining the level of about $69,000. Considering that the average price of short-term investors is $64,000, which is about 8% below the current price of Bitcoin, the analysis is that short-term investors will not engage in a 'panic sell' unless there is a sharp drop of less than 8%.
Straten said, “Due to the rise in the price of Bitcoin last week, short-term investment in Bitcoin increased, and the realized price of Bitcoin for short-term investors rose by about 1.5% last week,” and “The price of Bitcoin is set at $64,000 as a support line and is expected to remain stable in the long term.” “It looks like it will trend upward,” he wrote.
Reporter Seungwon Kwon ksw@
