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Analyst: Bitcoin Price Has Yet to Break Key Resistance Levels, Short-Term Holder Behavior May Determine Movement

Analyst: Bitcoin Price Has Yet to Break Key Resistance Levels, Short-Term Holder Behavior May Determine Movement

Bitget2024/09/01 14:00
BTC-0.26%

Crypto analyst Ali took to the social media platform to express the key price resistance level that Bitcoin is currently facing.Ali highlighted that the Short-Term Holder Realized Price is currently sitting at around $63,250, a level that BTC has struggled to break since June 22nd.

Ali explained that this price level tends to act as resistance in a downtrend, as short-term holders are more inclined to sell when the price falls below the entry point. The analyst warned that the market could face continued selling pressure until BTC turns this area back into a support level.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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