Bitcoin Price Breaks $64,000 As BTC Turns Back From Short-Term Average
The price of Bitcoin (BTC) rose above $64,000 before making a slight correction that sparked bullish momentum following the broader market recovery. The asset’s gains over the last 24 hours come after massive liquidations seen in the crypto market.
A new report from on-chain analysis firm CryptoQuant It indicates that the asset has jumped from the short-term average price. Low trading in recent weeks has seen the asset’s short-term average price at $58,500, with the value rising above this level due to the impact of new inflows.
In this metric, the average short-term price of an asset is calculated over the last 155 days. The price is divided by the total coin supply.
“In fact, ‘Average short-term realized price (hereinafter referred to as realized price of STH)’ acted as significant support in March ’23, June ’23, and January ’24, and as significant resistance in April ’22 and November ’22. did. and October ’23.”
Resistance and Support of Bitcoin Price
The metric is important to point to the asset’s current resilience and support amidst macroeconomic and industrial factors. In the last five days, Bitcoin The price has seen fluctuations around the average level as well as its current levels with new support levels.
According to analysts at CryptoQuant, every time the Bitcoin price breaks out of support or resistance around the average, it goes in one direction with an increase in price volatility. ““The current realized price of STH is at $58,500 and fortunately, the price has returned from this price.” they added.
Similarly, crypto trader Rekt Capital highlighted that the Bitcoin bull run progress bar is 36.9% compared to previous standard halving cycles.
Against Crypto Gains
Bitcoin price rose 3.11% to $63,496, with recent gains restoring weekly inflows into the asset. The increase can be seen as positive sentiment tricking the market. Bitcoin is not alone in its gains, as altcoins and memecoins recorded similar flows.
Ethereum (ETH) changed hands at $3,112, up 2.33% in the last 24 hours. solana (SOL), Cardano (ADA), and ripple (XRP) are also on the rise as memecoins outperform the market.
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