Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is
Summary
Bitcoin has experienced a significant price drop, currently trading at approximately $102,200, down nearly 3% in the last 24 hours. The Realized Price for Bitcoin holders aged 1 week to 1 month is $97,900, serving as a crucial support level. This metric tracks the average acquisition cost of holders and indicates that if the price falls below this level, the market may shift towards losses. The 1-week to 1-month holders are part of a broader group known as short-term holders (STHs), who typically exhibit less resolve in holding their investments. Historical patterns suggest that these holders may react by buying if the price retests their average cost basis. A retest of the $97,900 level could be significant if bearish momentum persists.
