Bitcoin (BTC) has experienced minimal price movement following a market rebound on Friday, with a modest gain of 0.42% in the last day. The current price of the premier cryptocurrency hovers around $63,000 as investors eagerly anticipate the traditional bullish surge known as “Uptober.” CryptoQuant analyst ShayanBTC has provided insights into key price levels that investors should monitor for potential future movements of BTC.
In a recent Quictake post on Saturday, ShayanBTC discussed the relationship between Bitcoin’s Realized Price Unspent Transaction Output (UTXO) Age Bands and potential market trends. The Realized Price UTXO Age Bands is an on-chain metric that offers insights into the behavior of Bitcoin holders, revealing the average acquisition price of BTC for different categories of investors.
According to ShayanBTC, the realized price for short-term holders of Bitcoin, those who have held BTC for three to six months, is currently at $64,000. On the other hand, long-term holders, who have held BTC for 6-12 months, have a realized price of $55,000. These realized price levels often serve as significant support or resistance levels in the BTC market, as they represent the average cost basis for Bitcoin holders and can influence market sentiment.
With Bitcoin’s current price around $63,000, the short-term holders’ realized price of $64,000 acts as a crucial resistance level. A successful breakout above this level would indicate a continuation of BTC’s upward momentum. However, failure to surpass $64,000 could lead to a potential drop to $55,000, the realized price level for long-term holders.
The observations made by ShayanBTC align with Bitcoin’s daily chart, where the cryptocurrency has been trading within a range of $55,000 to $65,000 for the past two months. A breakout from this range-bound pattern would require BTC to surpass the $70,000 resistance level, signaling a potential market bull run.
In other developments, Bitcoin has seen a 32.4% increase in network fees, totaling $5 million over the past week. Despite the calming market volatility, this rise in network fees indicates heightened activity on the Bitcoin network. As of the latest data, Bitcoin is trading at $62,786, reflecting gains of 2.13% and 9.08% in the last seven and thirty days, respectively. The daily trading volume for BTC is currently at $17.57 billion, following a 42.92% decline.
The accompanying image shows BTC trading at $62,795 on the daily chart, sourced from the BTCUSDT chart on Tradingview.com. Overall, Bitcoin continues to attract investor attention as they await potential price movements and market trends in the coming days.
