Since he reached a new $ 124,427 historic maximum on August 14, Bitcoin has entered a prolonged corrective phase, losing 12.18% of its value in the last two weeks. With the market prices that now move to the $ 109,000 interval, the market analyst Yonsei_dent has identified a fundamental support level for the current bullish market structure.
The $ 107,800 of Bitcoin line in the sand: support or breakage in advance?
In a Picktake post on Cryptquant, Yonsei_dent shares some technical information on the Bitcoin market, highlighting several important price levels at the moment. The analyst explains that Bitcoin’s current market price is sitting almost directly on top of the short -term owner (ShH) has created the price, an important metric that holds the track of the average cost of the coins acquired recently.
In particular, investors holding coins for 1 week to 1 month have an average cost of $ 116,400, while the 1-3 months cohort is less than $ 112,600. In the meantime, the owners in the 3-6 month range show a significantly cheaper cost of cost of $ 93,400. When all these short -term holders are weighted by the capitalization built, the Mixed STH MEDIA COSTS basis is calculated at around $ 107,800, i.e. about 1.45 %% below current market prices.
This alignment makes the level of $ 107,800 a critical line in the sand, so to speak, for the current bullish structure. If Bitcoin remains above this threshold, the short -term holders will remain close to the draw, reducing the probability of a widespread panic sale. However, if Bitcoin Bulls loses this support area, many new market competitors will fall into the losses territory, increasing the potential for greater sales pressure.
In such a bearish scenario, the market participants could probably pay their attention to the support area of $ 93,400, where the basis of the cost of 3-6 months resides. This level could provide the next significant pillow, given that investors in this cohort are sitting on healthier profits and probably show a stronger conviction of detention.
However, it is worth saying that the situation is absolutely not a bearish. A decisive recovery greater than $ 112,600- $ 116,400, which represents the cost of a cost of 1-3 months and 1 week -1 month, respectively, could restore market trust and rekindle the upward momentum towards a potential return to the current market.
Bitcoin prices overview
At the time of printing, Bitcoin is exchanged at $ 109,400 after a 5.65% devaluation in the last month. In the meantime, the daily commercial volume dropped by 27.02% and evaluated at $ 50.48 billion. With a market capitalization of $ 2.15 trillions of dollars, Bitcoin remains the largest cryptocurrency and the fifth largest global resource.