{"id":555096,"date":"2023-10-12T15:30:51","date_gmt":"2023-10-12T15:30:51","guid":{"rendered":"https:\/\/wncen.com\/?p=555096"},"modified":"2024-06-11T08:11:10","modified_gmt":"2024-06-11T08:11:10","slug":"bitcoin-rejection-historical-line-bear-market-on","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rejection-historical-line-bear-market-on\/","title":{"rendered":"Bitcoin Finds Rejection At This Historical Line, Bear Market Back On?"},"content":{"rendered":"

On-chain data shows Bitcoin has failed in its latest retest of a historically significant metric, a sign that a bearish trend might have taken over.<\/p>\n

Bitcoin Has Been Rejected From The Short-Term Holder Cost Basis<\/h2>\n

As pointed out by an analyst in a post<\/a> on X, BTC is currently facing resistance at the short-term holder’s realized price. The “realized price<\/a>” here refers to the cost basis or acquisition price of the average investor in the Bitcoin market.<\/p>\n

When the spot price of the cryptocurrency is below this level, it means that the investors as a whole are currently in a state of net loss. On the other hand, the asset being above this metric suggests that the overall market is holding some profits right now.<\/p>\n

Related Reading: Ethereum Could See A Steep Decline If It Closes Below This Level<\/a><\/div>\n

In the context of the current discussion, the realized price of the entire BTC sector isn’t of relevance, but of only a particular segment: the “short-term holders<\/a>” (STHs).<\/p>\n

The STHs are the investors who purchased their coins within the past 155 days. The members of this group are generally weak in their conviction, and thus, they can be quite reactive to changes in the market.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin realized price specifically for these STHs over the past couple of years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the asset retested this line just recently | Source: @jimmyvs24 on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin short-term holder’s realized price is valued at about $27,800 right now. During its most recent attempt at recovery, BTC retested this line but ended up finding some major resistance at it.<\/p>\n
The indicator actually has a lot of history of acting as both resistance and support for the spot price of the cryptocurrency. Generally, this line has helped the asset during bull rallies, while it has impeded it in bear markets.<\/p>\n
From the chart, it’s visible that the asset’s price had found resistance at this mark and had remained under it throughout the bear market<\/a> in 2022. With the rally that started in January of this year, though, the coin had finally managed to find a break.<\/p>\n
The realized price of the STHs had then flipped towards being a support level, as it had propelled the asset during the retests in March and June. With the crash in August, however, Bitcoin once again slipped below the line and has been unable to climb back above it since.<\/p>\n
Related Reading: Bitcoin Could See A 50% Rise Based On This, Analyst Explains<\/a><\/div>\n
Given the significance of the line, the latest retest of the indicator was quite important, so the fact that it ended in failure could be a worrying sign for the asset, as it may mean that a shift back towards a bearish trend might have occurred.<\/p>\n
BTC Price<\/h2>\n
Retests like the one of the STH realized price can sometimes take a while to properly finish, but since Bitcoin has seen a steep decline towards the $26,700 level since the rejection, it may be confirmation that the asset was indeed rejected this time.<\/p>\n
\"Bitcoin<\/p>\n
The price of the coin seems to have been going down in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin has failed in its latest retest of a historically significant metric, a sign that a bearish trend might have taken over. Bitcoin Has Been Rejected From The Short-Term Holder Cost Basis As pointed out by an analyst in a post on X, BTC is currently facing resistance at the short-term holder’s realized price. The “realized price” here refers to the cost basis or acquisition price of the average investor in the Bitcoin market. When the spot price of the cryptocurrency is below this level, it means that the investors as a whole are currently in a state of net loss. On the other hand, the asset being above this metric suggests that the overall market is holding some profits right now. Related Reading: Ethereum Could See A Steep Decline If It Closes Below This Level In the context of the current discussion, the realized price of the entire BTC sector isn’t of relevance, but of only a particular segment: the “short-term holders” (STHs). The STHs are the investors who purchased their coins within the past 155 days. The members of this group are generally weak in their conviction, and thus, they can be quite reactive to changes in the market. Now, here is a chart that shows the trend in the Bitcoin realized price specifically for these STHs over the past couple of years: Looks like the asset retested this line just recently | Source: @jimmyvs24 on X As displayed in the above graph, the Bitcoin short-term holder’s realized price is valued at about $27,800 right now. During its most recent attempt at recovery, BTC retested this line but ended up finding some major resistance at it. The indicator actually has a lot of history of acting as both resistance and support for the spot price of the cryptocurrency. Generally, this line has helped the asset during bull rallies, while it has impeded it in bear markets. From the chart, it’s visible that the asset’s price had found resistance at this mark and had remained under it throughout the bear market in 2022. With the rally that started in January of this year, though, the coin had finally managed to find a break. The realized price of the STHs had then flipped towards being a support level, as it had propelled the asset during the retests in March and June. With the crash in August, however, Bitcoin once again slipped below the line and has been unable to climb back above it since. Related Reading: Bitcoin Could See A 50% Rise Based On This, Analyst Explains Given the significance of the line, the latest retest of the indicator was quite important, so the fact that it ended in failure could be a worrying sign for the asset, as it may mean that a shift back towards a bearish trend might have occurred. BTC Price Retests like the one of the STH realized price can sometimes take a while to properly finish, but since Bitcoin has seen a steep decline towards the $26,700 level since the rejection, it may be confirmation that the asset was indeed rejected this time. The price of the coin seems to have been going down in the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":555118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,7104,86297,88334,1119,1144],"class_list":["post-555096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-realized-price","tag-bitcoin-rejection","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Finds Rejection At This Historical Line, Bear Market Back On?<\/title>\n<meta name=\"description\" content=\"Data shows Bitcoin has failed in its latest retest of a historically significant metric, a sign that bearish 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Finds Rejection At This Historical Line, Bear Market Back On?","url":"http:\/\/wncen.com\/news\/bitcoin-rejection-historical-line-bear-market-on\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-rejection-historical-line-bear-market-on\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_118541866.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_118541866.jpg?fit=4000%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bear market","bitcoin realized price","bitcoin rejection","btc","btcusd"],"dateCreated":"2023-10-12T15:30:51Z","datePublished":"2023-10-12T15:30:51Z","dateModified":"2024-06-11T08:11:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Finds Rejection At This Historical Line, Bear Market Back On?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rejection-historical-line-bear-market-on\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rejection-historical-line-bear-market-on\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_118541866.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_118541866.jpg?fit=4000%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bear market\",\"bitcoin realized price\",\"bitcoin rejection\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-12T15:30:51Z\",\"datePublished\":\"2023-10-12T15:30:51Z\",\"dateModified\":\"2024-06-11T08:11:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_118541866.jpg?fit=4000%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555096"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=555096"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555118"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=555096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=555096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=555096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}