Summary
- Analysis suggests Bitcoin could face selling pressure as it nears the average purchase price of short-term investors.
- The average purchase price for short-term holders is $67,523, while Bitcoin was trading at $64,966, leaving the gap between the two at its narrowest since July 21.
- As Bitcoin moves closer to the average purchase price of short-term holders, they may begin offering sell orders to unwind positions at the break-even point.
Forecast Trend Report by Period
Bitcoin may face selling pressure as its price approaches the average purchase price of short-term holders.
Axel Adler Jr., a CryptoQuant contributor, wrote on X on Aug. 8 that Bitcoin’s spot price had moved closer to the average cost basis of short-term holders. He added that the gap was the narrowest since July 21.
The average purchase price for short-term holders currently stands at $67,523. As of 3:40 p.m. on Aug. 8, Bitcoin was trading at $64,966, up 1.01% from a day earlier, according to CoinMarketCap.
Adler Jr. wrote that Bitcoin had remained below the average purchase price of short-term holders for quite some time. As the price moves closer to that level, those investors could begin selling to exit positions at break-even.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.