The price of Bitcoin (BTC) rose above $64,000 before making a small fall that sparked bullish momentum after the market recovered. The asset has seen advances in recent days following widespread liquidations in the cryptocurrency market.
According to a recent on-chain analytics company CryptoQuant analysis, the asset is rising above its short-term average price. During recent weeks of limited trade, the asset’s short-term average price was $58,500, and fresh inflows helped the value rise above that level.
This statistic computes an asset’s average short-term price over the last 155 days. The entire coin supply is divided by the price.
“Average short-term realized price (henceforth referred to as STH realized price)” served as significant resistance in April ’22, November ’22, and October ’23, and substantial support in March ’23, June ’23, and January ’24.
Support and Opposition to the Price of Bitcoin
The indicator indicates the asset’s current resistance and support in light of industry and macroeconomic considerations. Bitcoin’s price has fluctuated over the last five days, moving between its current levels and new support levels, all around the average mark.
Analysts at CryptoQuant claim that the price of Bitcoin always moves in one direction and experiences a rise in volatility when it breaks out of support or resistance near the average. Thankfully, the price has recovered from its previous level, and the current STH realized price is $58,500.
Rekt Capital, a cryptocurrency trader, also pointed out that, according to earlier typical halving cycles, the Bitcoin bull run progress bar was 36.9%.
Greater Crypto Benefits
At $63,496.00, Bitcoin’s price is up 3.11%, and recent advances have brought back weekly inflows into the market. One explanation for the spike is that optimistic emotion infiltrated the market. The rise in Bitcoin is not unique; meme coins and altcoins also saw comparable movements.
At $3,112, Ethereum (ETH) is traded, up 2.33% over the previous day. With meme coins outperforming the market, Solana (SOL), Cardano (ADA), and Ripple (XRP) are also rising.
