[Analysis] "Bitcoin, Spot ETF Realization Price of $69,000 is a Key Support Level"

An analysis has emerged that the realization price of the Bitcoin (BTC) spot ETF, $69,000, will serve as a support level that can predict further declines in Bitcoin.

On the 4th (local time), 'burakkesmeci', a contributor to the on-chain data analysis platform CryptoQuant, stated, "The support level to watch if Bitcoin faces further declines is the spot ETF realization price (average purchase price)."

The spot ETF realization price refers to the average price purchased in the market after the spot ETF started trading. He explained, "Over the past 15 months, Bitcoin has tested this price range multiple times," and "It has served as a support level at major crisis points."

He further emphasized, "During the Japanese yen carry trade crisis on August 5, 2024, an immediate rebound occurred when this support level was reached," indicating that "market participants recognize this price range as a technical benchmark."

Currently, the Bitcoin spot ETF realization price is positioned at approximately $69,000. If Bitcoin maintains above this price, it is evaluated that there is a high possibility of continuing a stable trend without significant short-term corrections.