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Despite Bitcoin’s hurdles, positive signs emerge

2min Read

Despite a persistent psychological hurdle, Bitcoin finds support in key regions, aligning with the consensus among long-term and short-term holders. Profitability exceeds 30%.

Despite Bitcoin's hurdles, positive signs emerge

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  • Bitcoin found strong support levels that coincided with Long and Short-term Holder Cost Basis.
  • Over 30% of BTC holders were in profit, indicating positive market dynamics.

Bitcoin [BTC] has been grappling with a persistent psychological hurdle regarding its price. However, a recent Glassnode report indicated that Bitcoin had discovered pockets of support in significant regions despite this stubborn obstacle. These regions aligned with the consensus among long-term and short-term holders.

Bitcoin maintains key support areas

The price of Bitcoin has experienced some ups and downs recently, undergoing a test of the $30,000 price range only to lose momentum and drop back down. Throughout this rollercoaster ride, spot price remained closely aligned with three significant levels, offering sturdy support from $25,300 to $26,300.

Interestingly, this support range coincided with the pricing range observed for both Long and Short-Term Holders, per Glassnode.

Bitcoin Short-term Holder Cost basis

Source: Glassnode

To elaborate, the Long-Term Holder Realized Price represented the average acquisition price of coins held outside exchange reserves, which have been moved within the last 155 days. These coins are considered the least likely to be spent on any day.

On the other hand, the Short-Term Holder Realized Price reflects the average acquisition price of coins held outside exchange reserves, which have been moved within the last 155 days. These coins are seen as the most probable to be spent on any day.

Therefore, monitoring whether Bitcoin can sustain its position above these key levels is crucial, as it would indicate a positive trend. Conversely, a drop below these levels would imply weakness in the overall trend.

The king coin’s price trend

Bitcoin’s price movement revealed an interesting pattern. Following a rally that propelled it to approximately $27,000, BTC¬†sustained its position within this price range. We observed a consistent support zone between $26,000 and $25,000 by examining its daily timeframe chart. As of this writing, BTC was trading at around $27,200, indicating a gain of over 1.10%.

BTC/USD price move

Source: TradingView

Additionally, the long Moving Average indicated another level of support near the $23,100 price range. On the other hand, the Short Moving Average posed the immediate resistance level, located around the $28,000 price range. 

Realized Price and MVRV

Examining the realized price and Market Value to Realized Value (MVRV) chart on Glassnode provided interesting insights into Bitcoin’s current state. As per the chart, the press time realized price of BTC was approximately $20,198.

Moreover, the MVRV ratio surpassed one, indicating that the market value of Bitcoin exceeded its realized value.


Source: Glassnode

Read Bitcoin’s [BTC] Price Prediction 2023-24

A noteworthy observation was that over 32.7% of Bitcoin was currently in profit, based on the data available at the time of writing. This implies that a significant portion of BTC holders have experienced an increase in the value of their investments.

BTC’s next major price move is crucial as it would determine the trend that Long and Short- term holders will face.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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