Bitcoin price has above $ 96,000 – analyst explains the importance of this level – TradingView news

The price of Bitcoin seemed to settle within 92,000 of $ 92,000, paring discussions about the future Coin? Although it remains unclear whether the Prime Minister cryptocurrency has enough momentum not to see his best time, it would need significantly bear pressure to withdraw the BTC price. However, the latest data on the chain show a specific level that could be crucial for the price of Bitcoin in the short term.

Here’s how $ 96,000 could be critical for BTC price

In QuickTake on the Cryptocuant platform, the SHAIANBTC pseudonym analyst has explained how the realized price of a certain class investor could affect Bitcoin in the short term. This analysis revolves around the realized price of unspecified goods (UTKSO), which evaluate the pattern of holding various cohorts of investors through various realized prices.

Utkso Age bands metric measure measure the average price on which Bitcoin wore bought their coins compared to how long they had property. The relevant age range in ShaianBTC’s analysis is 1 month on a three-month group that offers insight into “short-term ownership behavior and entire market sense”.

According to the QuickTake Analyst, the realized price of Bitcoin Holders in this short-term investor cohort has historically served as critical levels of support. Historically, price bitcoin often found a pillow above this realized price, suggesting that investors are doubling to their positions.

The recent cryptocuant data show that the price of Bitcoin is currently held above the realized price of the cohort of 1-3 months. Of this writing, this UTO Age Band is the average purchase price of about $ 96,000.

Shaianbtc pointed out the importance of the price price of Bitcoin above $ 96,000 in maintaining the current narrative for Bullish. “Holding above this key level is enhanced by the feeling for fluctuations, increasing the probability of an extended trend up,” the QuickTake analyst.

On the flip side, the offense below crucial support for $ 96,000 could start the transition to an investor that feels from self-confidence in fear. Finally, the failure of this key level could compel some investors to distribute their coins, threatening a rat rate BTC price.

Bitcoin price remains above 96K dollars

Of this writing, Bitcoin is valued at about $ 96,500, which does not reflect a significant move in the last 24 hours. After the beginning of the week above $ 100,000, the leading cryptocurrent quickly fell to $ 92,000 due to the pressure bears that launched new American commercial policies. According to Coingecko data, the price of BTC has been reduced by almost 4% in the past week.