Bitcoin has been volatile, with prices ranging between $65,000 and $69,500. It now consolidates below the $70,000 mark, seen as a crucial breakthrough for a potential rally. Short-term holders show a 6.2% NAV premium, reflecting optimism for future gains.
The 6.2% NAV premium indicates short-term holders value Bitcoin above the market price, signifying positive market sentiment. An NAV premium above 25% would usually mean an overheated market, but current levels suggest healthy demand within an accumulation phase.
Bitcoin trading at $66,900 shows resilience, finding support around $65,000, preventing bearish reversal. Analysts consider this a pivotal level and expect bullish momentum with a push above $70,000. Should prices fall below $65,000, focus turns to the 200-day MA at $63,274.
