BTC Price Today: Watch Out for THIS Key ‘Sell-Off’ Level

The post BTC Price Today: Watch Out for THIS Key ‘Sell-Off’ Level appeared first on Coinpedia Fintech News

Bitcoin is currently priced at $58,280.11, and there’s growing optimism among investors that its value could rise in the coming months. A recent post by Bitconsensus suggests that we might see unexpected market behavior if Bitcoin reaches the $63.25K mark.

But is there a solid reason behind this claim, or is it just speculation? Let’s explore!

Why $63.25K Matters for Bitcoin Holders

Bitconsensus predicts that many short-term Bitcoin holders may sell once the price crosses $63.25K. This view is backed by the Long/Short Term Onchain Cost Basis Indicator, which analyzes how different types of Bitcoin holders behave based on their purchase prices. The indicator shows that a significant number of short-term holders bought Bitcoin around $63.25K.

According to the Long/Short-Term Onchain Cost Basis Indicator––short-term holders have an average entry price of $63.25K. They could be likely waiting for the market to reach this level to sell their holdings. This explains why we've been below the red line since June, as these… pic.twitter.com/VmUnZ8pSUS

— Bitcoinsensus (@Bitcoinsensus) September 2, 2024

Are Short-Term Holders Losing Patience?

Since June, Bitcoin hasn’t climbed above $63.25K, which may be causing frustration among these investors. There’s a strong chance that they could sell their holdings as soon as the price hits a point where they see no loss or profit.

If these short-term sellers act as predicted, $63.25K could become a strong resistance level. How quickly Bitcoin moves past this level will depend on the factors driving upward momentum in the market.

What Investors Need to Know

As Bitcoin approaches this key level, it’s important for investors to watch the $63.25K mark closely. Whether it turns into a stumbling block or a springboard will depend on upcoming market dynamics.

Also Check Out: Will September Be a ‘Red’ Month? Historical Trends Suggest Strong Performance Ahead For Altcoins

Will Bitcoin break through the $63,250 barrier? The crypto world is watching.