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Bitcoin’s next move depends on BTC’s price holding on to $89.2K!
As the cryptocurrency market continues to evolve and fluctuate, it has become increasingly important for investors and traders alike to pay close attention to key data points in order to make informed decisions. One such crucial level that is currently under scrutiny is the realized price of new whales at $89.2k.
This figure, obtained through a comparison of short-term and long-term holder data (excluding miners and exchanges), suggests that any price action below this threshold may result in further declines, while holding above it could potentially set the stage for upward momentum.
Source: CryptoQuant
The stability of Bitcoin’s price at $89.2k serves as a robust support level, with these strong-handed investors having demonstrated resilience in maintaining their positions. This consolidation is expected to reduce sell-side pressure and provide stability in an otherwise volatile market.
Should Bitcoin remain above this critical threshold, traders may regain confidence, potentially paving the way for a turnaround or at least a stabilization of prices.
As such, it is crucial that all parties monitor price action relative to this support level closely.
Source: ambcrypto.com
