{"id":643237,"date":"2024-09-20T05:30:04","date_gmt":"2024-09-20T05:30:04","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=643237"},"modified":"2024-09-19T19:46:49","modified_gmt":"2024-09-19T19:46:49","slug":"will-bitcoin-break-through-70k-short-term-holders-buy-price-holds-the-key","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/will-bitcoin-break-through-70k-short-term-holders-buy-price-holds-the-key\/","title":{"rendered":"Will Bitcoin Break Through $70k? Short-Term Holders&#8217; Buy Price Holds The Key"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Recent\u00a0<span style=\"margin: 0px;padding: 0px\">CryptoQuant <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66eba08bac366b2d76f2f87f-Short-Term-Holders-Average-Buy-Price-as-a-Key-Indicator-for-Bitcoins-Next-Move?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=avocado_onchain\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> suggests that short-term Bitcoin holders&#8217; average buy price<\/span>\u00a0could be a key factor in predicting the leading crypto&#8217;s future movements.<\/p>\n<p data-pm-slice=\"1 1 []\">The focus is on holders who have had Bitcoin for months, with historical data indicating that their average buy price often serves as a <a href=\"https:\/\/www.shenyangcang.com\/analysis\/btc\/bitcoin-price-surges-fed-rate-cut\/\" target=\"_blank\" rel=\"noopener \">critical support<\/a> or resistance level. These short-term holders&#8217; buy prices have been linked to significant shifts in Bitcoin&#8217;s market direction.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/breaking-fed-cuts-rates-bitcoin-and-markets-react-with-a-bang\/\" target=\"_blank\" rel=\"noopener \">BREAKING: Fed Cuts Rates\u2014Bitcoin And Markets React With A Bang<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">How Short-Term Holders Buy Price Hints At Future Move<\/h2>\n<p data-pm-slice=\"1 1 []\">The analysis, provided by an analyst under the pseudonym \u2018Avocado Onchain,\u2019 draws attention to the historical instances where Bitcoin&#8217;s price either broke through or was rejected by the average buy price of these short-term holders.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst points out that monitoring this average buy price could offer insights into Bitcoin&#8217;s potential <a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/cme-traders-bet-big-against-bitcoin-as-us-fed-rate-cut-looms\/\" target=\"_blank\" rel=\"noopener \">future trends<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">According to the data presented, the average buy price of Bitcoin holders who have held their assets for 1-3 months has repeatedly influenced the cryptocurrency&#8217;s price direction.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/329306\/quicktake\/s5zYRrPH_89fc57c0b87e0ddc3a012ba00e4bd7f65b6228c070dbdcaccc54ce88081ef755.png?resize=1280%2C719&#038;ssl=1\" alt=\"Bitcoin realized price metric.\" width=\"1280\" height=\"719\"><figcaption class=\"wp-caption-text\">Bitcoin realized price metric. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">When Bitcoin&#8217;s price successfully <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/october-bitcoin-going-to-90000\/\" target=\"_blank\" rel=\"noopener \">breaks through<\/a> this average buy price, it often leads to a notable bullish trend. Conversely, when the average buy price acts as a resistance point, it can signal the beginning of a bearish phase.<\/p>\n<p data-pm-slice=\"1 1 []\">An example highlighted by Avocado was when Bitcoin reached $73,000 earlier this year and then saw subsequent declines. According to the analyst, at that time, Bitcoin failed to surpass the average buy price of these short-term holders, leading to a bearish trend afterward.<\/p>\n<p data-pm-slice=\"1 1 []\">This pattern suggests that the average buy price of short-term holders can serve as a reliable on-chain metric for assessing market sentiment.<\/p>\n<p data-pm-slice=\"1 1 []\">As Bitcoin&#8217;s price approaches these levels, it tends to face critical tests of momentum, which can either confirm or redirect the prevailing market trend.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Rally To $70k Approaching?<\/h2>\n<p>Bitcoin is now seeing a gradual push towards the upside following the <a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/breaking-fed-cuts-rates-bitcoin-and-markets-react-with-a-bang\/\" target=\"_blank\" rel=\"noopener \">announced US fed rate cut<\/a> yesterday. In the past day alone, the asset has surged by 5.8% with a current trading price of $63,054.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/rskrxvQD\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Avocado noted:<\/p>\n<blockquote><p>With the recent announcement of a 50bp rate cut by the U.S. Federal Reserve, Bitcoin is once again attempting to break through the average buy price of 1-3 month holders.<\/p><\/blockquote>\n<p>Although it remains to be seen whether Bitcoin will eventually break through the short-term holder buy price level thereby resulting in <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-bullish-swing-top-analyst-says-yes\/\" target=\"_blank\" rel=\"noopener \">further bullish momentum<\/a>, analysts in the crypto space have shared their optimistic outlook on the crypto.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-bullish-swing-top-analyst-says-yes\/\" target=\"_blank\" rel=\"noopener \">Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes<\/a><\/div>\n<p>According to crypto analyst, Moustache, Bitcoin has, for the first time in history, <a href=\"https:\/\/twitter.com\/el_crypto_prof\/status\/26902218?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">seen<\/a> a &#8220;golden cross of the SMA100\/SMA200 (W)&#8221;.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GX1zg0yWYAA_1MM?format=png&amp;name=medium\" alt=\"Bitcoin price chart.\" width=\"1200\" height=\"611\"><figcaption class=\"wp-caption-text\">Bitcoin price chart. | Source: Moustache on X<\/figcaption><\/figure>\n<p>Moustache revealed that this technical pattern, coupled with the recent US interest rate cut might set the asset up for the most &#8220;legendary&#8221; price moves in the coming months.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a><\/p>\n<p>-For the first time in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a>&#8216;s history, we see a golden cross of the SMA100\/SMA200 (W).<\/p>\n<p>and at the same time..<\/p>\n<p>-Fed cuts interest rates for the first time in 4 years\ud83e\udd2f<\/p>\n<p>Prepare yourself for some legendary months. <a href=\"https:\/\/t.co\/mLtwszJ3rf\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/mLtwszJ3rf<\/a><\/p>\n<p>\u2014 \ud835\udd44\ud835\udd60\ud835\udd66\ud835\udd64\ud835\udd65\ud835\udd52\ud835\udd54\u24d7\ud835\udd56 \ud83e\uddf2 (@el_crypto_prof) <a href=\"https:\/\/twitter.com\/el_crypto_prof\/status\/26902218?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">September 19, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent\u00a0CryptoQuant analysis suggests that short-term Bitcoin holders&#8217; average buy price\u00a0could be a key factor in predicting the leading crypto&#8217;s future movements. The focus is on holders who have had Bitcoin for months, with historical data indicating that their average buy price often serves as a critical support or resistance level. These short-term holders&#8217; buy prices have been linked to significant shifts in Bitcoin&#8217;s market direction. Related Reading: BREAKING: Fed Cuts Rates\u2014Bitcoin And Markets React With A Bang How Short-Term Holders Buy Price Hints At Future Move The analysis, provided by an analyst under the pseudonym \u2018Avocado Onchain,\u2019 draws attention to the historical instances where Bitcoin&#8217;s price either broke through or was rejected by the average buy price of these short-term holders. The analyst points out that monitoring this average buy price could offer insights into Bitcoin&#8217;s potential future trends. According to the data presented, the average buy price of Bitcoin holders who have held their assets for 1-3 months has repeatedly influenced the cryptocurrency&#8217;s price direction. When Bitcoin&#8217;s price successfully breaks through this average buy price, it often leads to a notable bullish trend. Conversely, when the average buy price acts as a resistance point, it can signal the beginning of a bearish phase. An example highlighted by Avocado was when Bitcoin reached $73,000 earlier this year and then saw subsequent declines. According to the analyst, at that time, Bitcoin failed to surpass the average buy price of these short-term holders, leading to a bearish trend afterward. This pattern suggests that the average buy price of short-term holders can serve as a reliable on-chain metric for assessing market sentiment. As Bitcoin&#8217;s price approaches these levels, it tends to face critical tests of momentum, which can either confirm or redirect the prevailing market trend. Bitcoin Rally To $70k Approaching? Bitcoin is now seeing a gradual push towards the upside following the announced US fed rate cut yesterday. In the past day alone, the asset has surged by 5.8% with a current trading price of $63,054. Avocado noted: With the recent announcement of a 50bp rate cut by the U.S. Federal Reserve, Bitcoin is once again attempting to break through the average buy price of 1-3 month holders. Although it remains to be seen whether Bitcoin will eventually break through the short-term holder buy price level thereby resulting in further bullish momentum, analysts in the crypto space have shared their optimistic outlook on the crypto. Related Reading: Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes According to crypto analyst, Moustache, Bitcoin has, for the first time in history, seen a &#8220;golden cross of the SMA100\/SMA200 (W)&#8221;. Moustache revealed that this technical pattern, coupled with the recent US interest rate cut might set the asset up for the most &#8220;legendary&#8221; price moves in the coming months. #Bitcoin -For the first time in $BTC&#8216;s history, we see a golden cross of the SMA100\/SMA200 (W). and at the same time.. -Fed cuts interest rates for the first time in 4 years\ud83e\udd2f Prepare yourself for some legendary months. pic.twitter.com\/mLtwszJ3rf \u2014 \ud835\udd44\ud835\udd60\ud835\udd66\ud835\udd64\ud835\udd65\ud835\udd52\ud835\udd54\u24d7\ud835\udd56 \ud83e\uddf2 (@el_crypto_prof) September 19, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":643254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,1119,78790,6664,10923,83531],"class_list":["post-643237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Will Bitcoin Break Through $70k? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/www.shenyangcang.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Will Bitcoin Break Through $70k? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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