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Analysis: Bitcoin Needs to Recover $53,000 to Return to Bull Racing

Analysis: Bitcoin Needs to Recover $53,000 to Return to Bull Racing

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Answer Analysis: Bitcoin Needs to Recover $53,000 to Return to Bull Racing

Bitcoin is still fluctuating between $47,000 and $50,000.

Many cryptocurrency analysts believe that a bull market could be triggered if Bitcoin manages to return to the $53,000 level.

Just over a week ago, Bitcoin (BTC) tumbled to as low as $42,000 after massive liquidations of nearly $2.2 billion in twelve hours.

The move stunned the cryptocurrency market as the massive liquidation that took place on December 4 is the second biggest daily drop in 2021 after a 50% price drop on May 19.

With the price staying below Bitcoin’s short-term (STH) bearer cost basis for nearly a week, analyst Will Clemente believes that Bitcoin needs to reclaim the $53,000 area if there is an upside to reignite.

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. added:

We’ve spent nearly a week now below the STH cost basis.

There is no bull race until the $53,000 is recovered.

I’m not a huge bear, just be warned until it shows otherwise.

Confirmation of entry into the bear market will be a retest of the downside of the previous support.

Below is a curve showing the buying and selling of bitcoins from short-term bitcoin holders:

Economist Jan Westenfeld said:

Short term bitcoin holders continue to move/sell bitcoin on average at a loss since the price crash at the beginning of December as the short term bitcoin holder shows.

On the other hand, long-term holders were not affected by the panic selling, given that they were liquidated by a healthy margin.

Analyst Dylan Leclerc previously reported that the cost basis for short-term holders was $48,450, while long-term holders had $17,750.

The cost basis is the purchase price or the original value of an asset, it is used to calculate capital gains or losses.

Notably, the long-term holders of Bitcoin have emerged to be significant players in the Bitcoin ecosystem.

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For example, a previous study showed that the supply of bitcoin is steadily maturing for long-term holders, given that nearly 2 million bitcoins have moved from short-term to long-term holders from the time the 64.8 peak price was reached. thousand dollars in mid-April.

Bitcoin broke this record recently by reaching $69,000, and since then it has not yet managed to get back to that level or surpass it.

Read also:

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