CryptoQuant analyst notes that for the poor sentiment in the current BTC's market to phase out, its price has to surge past the realized price of its short-term holders.
BTC’s realized price refers to the average price at which all Bitcoins have been moved over their lifetime. When the realized price is above the market price, it means that market participants are in profit on average.For BTC short-term holders , their realized price refers to the average price at which coins purchased in the last six months were acquired. For long-term holders , it is the average price at which all coins that have not been moved in the last six months were originally purchased.
According to SignalQuant, this price mark acted as a support level for the king coin in January before bearish sentiments overran the market, turning the same into resistance.As for long-term holders, their realized price was $22,400. At its press time price of $25,956, BTC exchanged hands between the two realized prices.“BTC’s price needs to stay above LTH realized price and then break back above STH realized price for the “short- and long-term investor sentiment” to really recover.
This would signal to investors that the bear market is over and that the BTC price will likely continue to rise.Although BTC’s price continues to face resistance at $26,000, new demand grows unabated. On-chain assessment of the coin’s network activity revealed a 5% jump in the daily count of new addresses created to trade the leading coin in the last week.
In fact, on 9 September, 717,331 new addresses were added to the coin’s network, its highest daily count in the past five years. Moreover,Source: IntoTheBlock
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