[Analysis] "Bitcoin Short-Term Holder Average Cost at $97,700... Key Support Level"
Summary
- As Bitcoin fluctuates around $100,000, the average purchase cost for short-term holders, $97,700, has emerged as a key support level.
- Short-term holders now account for over 40% of the total market capitalization, which means their sentiment greatly influences the market trend.
- If Bitcoin falls below the $97,700 support level, panic selling may be triggered, with analysis emphasizing that the current trend depends on whether this support can be maintained.
As Bitcoin hovers around the $100,000 mark, the average purchase price of short-term holders, $97,700, is emerging as a key support level.
On the 26th (local time), CryptoQuant author Yonsei_dent stated, "The average acquisition cost for short-term holders (those holding for between one week and less than six months) stands at $97,700. These short-term holders account for over 40% of the total market capitalization, so their sentiment has a significant impact on market trends."
He further explained, "Since Bitcoin is currently trading near the $100,000 level, if the price falls below this support line, a wave of panic selling by short-term holders could follow," adding, "The near-term movement of Bitcoin depends on whether the $97,000~$100,000 support range can be maintained."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
