The Bitcoin Layer
Bitcoin Approaching A KEY Support Level... Will It Bounce Or Break?
Jun 18, 2024
Exploring why Bitcoin couldn't break $70,000, focusing on the Short-Term Holder Realized Price as key support. Analysis of market dynamics, ETF holdings, and STHRP's impact on Bitcoin price movements.
15:04
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Quick takeaways
- Bitcoin struggles to break resistance levels due to market being Delta neutral, lacking directional bias.
- Short-Term Holder Realized Price (STHRP) acts as a critical support level during bull markets, influencing Bitcoin price movements.
Deep dives
ETF Holdings and Impact on Bitcoin's Price
The introduction of spot Bitcoin ETFs marked a significant event in the market, with substantial inflows into these ETFs. While ETF holdings hit peaks in dollar terms, the market has seen a plateau in flows, with BlackRock's IBIT taking the lead. This phenomenon, where assets under management have remained stable, has not provided the anticipated momentum for Bitcoin's price increase.
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