Bitcoin Price Shows Signs of Recovery, But Faces Resistance at $44,000
The Bitcoin price has bounced back from its recent slump, reaching above $39,000 on Friday, according to data from CryptoQuant. This is a positive sign for the market, as it reflects the recovery and growth of the 1m-3m Age band Realized Price, which measures the average price at which coins were last moved.
However, the Bitcoin price is still below the Realized Price of less than 1-month Holders, which means that investors who bought Bitcoin in the past month are still in the red. The current Bitcoin price is around $41,500, which is 3% lower than the average price paid by these investors.
The key level to watch for the Bitcoin price is the $43,500 – $44,000 range, which acts as the equilibrium point for the less than 1-month Holders. If the Bitcoin price can break above this level, it would indicate a strong bullish momentum and a potential rally to new highs. On the other hand, if the Bitcoin price fails to overcome this resistance, it would signal a continued bearish trend and a possible deeper correction in the mid-term.
Given the volatile nature of the market, it is recommended that traders and investors keep a close eye on the price movements around the $43,500 – $44,000 range and adjust their risk management accordingly. The Bitcoin price is influenced by various factors, such as supply and demand, sentiment, regulation, innovation, and events. Therefore, it is important to stay informed and prepared for any scenario.
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