Bitcoin once again surpassed the $62,000 mark, stirring interest and a wave of optimism among crypto analysts and investors. Reaching this level may signal the potential for further growth.
Key Level Reached
On September 19, Bitcoin surged above the $62,000 mark. This event attracted much attention in the market as the price exceeded the level characteristic for short-term holders (STH)—investors who hold their assets for less than 155 days. According to CryptoQuant, this level now stands at $61,953.
Role of Short-Term Holders
CryptoQuant analyst Avocado_onchain noted that the STH acquisition price "has consistently acted as a critical support and resistance level" for Bitcoin. quote: CITE_W_A: "The average buy price of these 1-3 month short-term holders is a key on-chain metric to monitor, as it can determine the future direction of Bitcoin’s price."
Market Data and Predictions
According to CryptoQuant, Bitcoin’s price at the time of publication was $63,855, which is 1.4% above the STH acquisition price. Popular analyst Ercan Sak noted, “If Bitcoin continues to close above this level, the market will remain positive.” Pseudonymous analyst Coiner-Yadox added that “the bull market resumes when BTC gets back above the STH realized price.”
The STH acquisition metric and current market data indicate further growth potential for Bitcoin. Analysts recommend closely monitoring the situation, as current support and resistance levels could significantly influence the future price trajectory.
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