Bitcoin Price Holds Strong Above Short-Term Holder Cost Range, Signaling Robust Support Amid Low Trading Volume
Main Idea
Bitcoin's price remains above the short-term holder cost range of $110,000 to $117,000, indicating strong support and reduced risk of a sharp pullback amid low trading volume.
Key Points
1. Bitcoin's price is currently above the short-term holder cost range ($110,000-$117,000), suggesting most recent buyers are not selling at a loss.
2. Low trading volume indicates limited selling pressure, contributing to price stability.
3. Short-term holders (investors holding Bitcoin for 24 hours to 3 months) play a significant role in market momentum.
4. Glassnode data highlights Bitcoin's price stability above the short-term holder cost range as a sign of market strength.
5. A drop below $115,000 could trigger $1.59 billion in long order liquidations on major centralized exchanges (CEXs).
Description
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