Since he reached a new historical maximum of $ 124,427 on August 14, Bitcoin has entered a prolonged corrective phase, losing 12.18% of its value in the last two weeks. With the market prices that now move within the range of $ 109,000, the Yansei_dent market analyst has identified a fundamental level of support for the current market structure.
Bitcoin’s $ 107,800 line in the sand: support or breakdown ahead?
In a quick publication about Cryptoquant, Yonsei_dent shares a technical vision of the Bitcoin market, highlighting several important levels of prices at this time. The analyst explains that the current Bitcoin market price is almost directly at the top of the price made by the short term (STH), an important metric that tracks the average cost base of the recently acquired currencies.
In particular, investors who have coins for 1 week at 1 month have an average cost of $ 116,400, while the cohort of 1 to 3 months is lower at $ 112,600. Meanwhile, holders in the range of 3 to 6 months show a significantly cheaper cost base of $ 93,400. When all these groups of short -term holders are weighted by the capitalization made, the combined average STH cost base is calculated by around $ 107,800, that is, approximately 1.45 %% below the current market prices.
This alignment makes the level of $ 107,800 a critical line in the sand, so to speak, for the current upward structure. If Bitcoin remains above this threshold, short -term holders will remain close to balance, reducing the probability of generalized panic sales. However, if Bitcoin Bulls loses this support zone, many new market participants will fall into loss territory, which increases the potential of greater sales pressure.
In such a bassist scenario, market participants would probably focus their attention on the support area of $ 93,400, where the cost base of 3 to 6 months resides. This level could provide the next significant cushion, since investors in this cohort are sitting in healthier profits and they are likely to show a stronger condemnation.
However, it is worth affirming that the situation is not absolutely bassist. A decisive recovery above $ 112,600– $ 116,400, which represents cost bases from 1 to 3 months and 1 week to 1 month, holders, respectively, could restore market confidence and rekindle the upward impulse towards a possible return to the current market.
General Bitcoin price description
At the time of the publication, Bitcoin quote $ 109,400 after a devaluation of 5.65% in the last month. Meanwhile, the daily negotiation volume has decreased by 27.02% and valued to $ 50.48 billion. With a market capitalization of $ 2.15 billion, Bitcoin remains the largest cryptocurrency and the fifth largest global asset.
