{"id":13505,"date":"2024-10-13T10:00:30","date_gmt":"2024-10-13T10:00:30","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13505"},"modified":"2024-10-13T10:00:30","modified_gmt":"2024-10-13T10:00:30","slug":"bitcoin-price-holds-above-63000-heres-the-next-critical-resistance-level","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13505","title":{"rendered":"Bitcoin Price Holds Above $63,000 \u2014 Here\u2019s The Next Critical Resistance Level"},"content":{"rendered":"

The Bitcoin price has been relatively quiet in October<\/a>, but things seem to be looking up after the premier cryptocurrency broke the $63,000 mark on Saturday, October 12. However, the crypto has to scale a major resistance level if the current bull run is to get back on track.<\/p>\n

$64,000 The Resistance Level To Watch: Analyst<\/h2>\n

In a Quicktake post on CryptoQuant, an analyst with the pseudonym ShayanBTC has put forward<\/a> an interesting prognosis for the Bitcoin price in the short term. According to the crypto expert, $64,000 and $55,000 are two crucial levels that every BTC investor should watch over the coming days.<\/p>\n

This analysis is based on the Realized Price Unspent Transaction Output (UTXO) age bands. This on-chain metric is relevant for assessing Bitcoin market behavior, as it measures the holding pattern of different investor groups through a set of different realized prices.<\/p>\n

The UTXO age bands<\/a> metric highlights the average price at which Bitcoin holders acquired their coins while considering how long they\u2019ve held the assets. The most notable age bands in this metric are the 3-month to 6-month (short-term) cohort and the 6-month to 12-month (long-term) cohort.<\/p>\n

ShayanBTC highlighted in their post that the realized prices of Bitcoin holders in the short-term and long-term cohorts have served as critical support or resistance levels in the past. Historically, when the Bitcoin price struggles to breach the average purchase price of these cohorts, it implies a bearish trend for the flagship cryptocurrency.<\/p>\n

ShayanBTC added:<\/p>\n

Conversely, if Bitcoin can break above this realized price, it suggests growing bullish momentum, as new buyers are willing to hold even at higher levels.<\/p>\n

According to data from CryptoQuant, the Bitcoin price is currently hovering between the realized prices of these two cohorts. As of this writing, the realized price for short-term holders stands at $64,000, while the realized price for long-term holders stands at around $55,000.<\/p>\n

As it stands, the price of Bitcoin seems set to test the resistance level and 3-6 month holders\u2019 realized price of $64,000. ShayanBTC noted that a successful breakthrough above this price level could indicate further bullish momentum and potential resumption of the bullish trend<\/a>.<\/p>\n

On the flip side, if the Bitcoin price fails to breach this $64,000 level, it could signal fresh selling pressure from short-term holders. Ultimately, this could lead to a deep correction toward the $55,000 level.<\/p>\n

Bitcoin Price At A Glance<\/h2>\n

As of this writing, Bitcoin is valued at $63,249, reflecting a mere 1.1% increase in the past day. According to data from CoinGecko, the flagship cryptocurrency<\/a> is up by more than 2% in the last seven days.<\/p>","protected":false},"excerpt":{"rendered":"

The Bitcoin price has been relatively quiet in October, but things seem to be looking up after the premier cryptocurrency broke the $63,000 mark on Saturday, October 12. However, the crypto has to scale a major resistance level if the current bull run is to get back on track. $64,000 The Resistance Level To Watch: […]<\/p>\n","protected":false},"author":0,"featured_media":13506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13505"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13505"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13506"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}