Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm
Summary
Bitcoin is retesting the short-term holder Realized Price for the third time, which historically has been a reliable support level during bullish periods. The Realized Price tracks the average cost basis of investors on the Bitcoin network. The current retest may indicate weakening support, as repeated tests make a level weaker. The behavior of short-term holders, who are sensitive to price changes, could influence the market's bullish or bearish outlook. Despite a 2% price decline to $64,700, it remains to be seen if the constant pullbacks have instilled fear in short-term holders.
