{"id":646506,"date":"2024-10-06T10:00:37","date_gmt":"2024-10-06T10:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=646506"},"modified":"2024-10-06T06:40:38","modified_gmt":"2024-10-06T06:40:38","slug":"bitcoin-price-lags-beneath-63000-what-does-this-mean","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-lags-beneath-63000-what-does-this-mean\/","title":{"rendered":"Bitcoin Lags Under STH Realized Price Of $63,000 \u2014 What Does This Mean?"},"content":{"rendered":"

The Bitcoin price has somewhat slowed down this weekend, failing to capitalize on its resurgent momentum<\/a> from Friday, October 4. The premier cryptocurrency continues to hover around the $62,000 mark, reflecting a mere 0.3% decline in the last 24 hours.<\/span><\/p>\n

Recent on-chain data suggests that the price of Bitcoin might continue to turn in a sluggish performance, as short-term holders remain under pressure. Specifically, the market leader continues to trade under the realized price of short-term holders (STH).<\/span><\/p>\n

What Does This Mean For Bitcoin Price?<\/b><\/h2>\n

In a recent post on the X platform, crypto analyst Ali Martinez revealed<\/a> $63,000 as the realized price for Bitcoin short-term holders, explaining the relevance of this level to the asset\u2019s long-term health. For context, the short-term holder realized price is a metric that measures the average price at which short-term investors purchased their BTC.<\/span><\/p>\n

Related Reading: Bitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable?<\/a><\/div>\n

When the spot value of Bitcoin is higher than the short-term holders\u2019 realized price<\/a>, it indicates that most recent investors are in the green. Typically, this encourages the traders to buy more coins, precipitating a positive market sentiment and potentially triggering an upward price movement.<\/span><\/p>\n

On the other hand, a fall beneath the STH realized price implies that most short-term holders are in unrealized loss. In this scenario, some investors may look to cut their losses by offloading their holdings, leading to downward pressure on price and further sell-offs.<\/span><\/p>\n

\"Bitcoin\"
Chart showing the value of Bitcoin and STH realized price | Source: Ali_charts\/X<\/figcaption><\/figure>\n

According to Martinez, Bitcoin has been trading beneath the short-term holders\u2019 realized price since June. With the current STH realized price at $63,000, the premier cryptocurrency appears to be at risk of further decline<\/a>, especially in the short term.<\/span><\/p>\n

BTC Holder Behavior Similar To 2016 And 2020<\/b><\/h2>\n

The overall outlook for Bitcoin’s price in the last quarter of 2024 has been quite positive. CryptoQuant revealed<\/a> in its latest weekly report that the behavior of Bitcoin holders in the current cycle mirrors the 2016 and 2020 halving years, indicating a potential price growth for the market leader.\u00a0<\/span><\/p>\n

Related Reading: Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience \u2018Uptober\u2019<\/a><\/div>\n

The on-chain analytics firm highlighted that the short-term Bitcoin supply increased following the launch of spot exchange-traded funds (ETFs) in early 2024. Although a cooling period followed after this spike, CryptoQuant pointed out that another rise in short-term supply could occur \u2014 if historical trends hold.<\/span><\/p>\n

\"Bitcoin
The price of BTC looks to return above $62,000 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image created by Dall.E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has somewhat slowed down this weekend, failing to capitalize on its resurgent momentum from Friday, October 4. The premier cryptocurrency continues to hover around the $62,000 mark, reflecting a mere 0.3% decline in the last 24 hours. Recent on-chain data suggests that the price of Bitcoin might continue to turn in a sluggish performance, as short-term holders remain under pressure. Specifically, the market leader continues to trade under the realized price of short-term holders (STH). What Does This Mean For Bitcoin Price? In a recent post on the X platform, crypto analyst Ali Martinez revealed $63,000 as the realized price for Bitcoin short-term holders, explaining the relevance of this level to the asset\u2019s long-term health. For context, the short-term holder realized price is a metric that measures the average price at which short-term investors purchased their BTC. Related Reading: Bitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable? When the spot value of Bitcoin is higher than the short-term holders\u2019 realized price, it indicates that most recent investors are in the green. Typically, this encourages the traders to buy more coins, precipitating a positive market sentiment and potentially triggering an upward price movement. On the other hand, a fall beneath the STH realized price implies that most short-term holders are in unrealized loss. In this scenario, some investors may look to cut their losses by offloading their holdings, leading to downward pressure on price and further sell-offs. According to Martinez, Bitcoin has been trading beneath the short-term holders\u2019 realized price since June. With the current STH realized price at $63,000, the premier cryptocurrency appears to be at risk of further decline, especially in the short term. BTC Holder Behavior Similar To 2016 And 2020 The overall outlook for Bitcoin’s price in the last quarter of 2024 has been quite positive. CryptoQuant revealed in its latest weekly report that the behavior of Bitcoin holders in the current cycle mirrors the 2016 and 2020 halving years, indicating a potential price growth for the market leader.\u00a0 Related Reading: Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience \u2018Uptober\u2019 The on-chain analytics firm highlighted that the short-term Bitcoin supply increased following the launch of spot exchange-traded funds (ETFs) in early 2024. Although a cooling period followed after this spike, CryptoQuant pointed out that another rise in short-term supply could occur \u2014 if historical trends hold. Featured image created by Dall.E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":646509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,1119,78790],"class_list":["post-646506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Lags Beneath $63,000 \u2014 What Does This Mean?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has somewhat slowed down this weekend, failing to capitalize on its resurgent momentum from Friday, October 4.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Lags Under STH Realized Price Of $63,000 \u2014 What Does This Mean?","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-lags-beneath-63000-what-does-this-mean\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-lags-beneath-63000-what-does-this-mean\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/2024-10-06-02.28.00.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/2024-10-06-02.28.00.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ali martinez","bitcoin","bitcoin price","btc","btcusdt"],"dateCreated":"2024-10-06T10:00:37Z","datePublished":"2024-10-06T10:00:37Z","dateModified":"2024-10-06T10:00:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Lags Under STH Realized Price Of $63,000 \\u2014 What Does This Mean?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-lags-beneath-63000-what-does-this-mean\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-lags-beneath-63000-what-does-this-mean\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/2024-10-06-02.28.00.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/2024-10-06-02.28.00.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ali martinez\",\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2024-10-06T10:00:37Z\",\"datePublished\":\"2024-10-06T10:00:37Z\",\"dateModified\":\"2024-10-06T10:00:37Z\"}<\/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\/2024\/10\/2024-10-06-02.28.00.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/646506"}],"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\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=646506"}],"version-history":[{"count":7,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/646506\/revisions"}],"predecessor-version":[{"id":646536,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/646506\/revisions\/646536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/646509"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=646506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=646506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=646506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}