Bitcoin has plunged below the $29,000 level during the past day. According to on-chain data, here’s the next level that could act as major support.
Bitcoin Short-Term Holder Realized Price May Be The Next Support Level
As pointed out by an analyst in a CryptoQuant post, the realized price of the short-term holders at $28,000 could be an essential level for the asset. The “realized price” here refers to the cost basis (that is, the buying price) of the average investor in the Bitcoin market.
Whenever the price of the asset dips below this level, it means that more than 50% of the investors are now underwater. Similarly, a break above the point implies that the overall market has entered into a state of profits.
In the context of the current discussion, the realized price of the entire market isn’t of relevance, but rather of a specific segment of it: the “short-term holders” (STHs).
This investor group typically only includes holders who bought their BTC within the last six
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