Bitcoin has maintained a tight trading range between $28,000 and $30,000 since April 2023, a prolonged sideways movement that has been a rarity in the market. One of the reasons for this squeezed price range, especially after BTC dropped below $30,000, is price support created by short-term holders.
Short-term holders are entities that have held Bitcoin for a relatively brief period, typically less than 155 days. Their behavior is crucial in analyzing Bitcoin’s performance as they often react more quickly to market changes, thereby influencing price movements.
Data from Glassnode showed that Bitcoin’s price has traded above the realized price for short-term holders since June 19. The realized price is a metric that calculates the average price at which all Bitcoins were last transacted. It represents the average cost of Bitcoin for all users at any point in time, providing a sense of the market’s cost basis.
As of Aug. 8, the on-chain cost basis for short-term holders is $28,462.
We współpracy z: https://cryptoslate.com/short-term-holders-kept-bitcoins-price-stable-but-constrained/
