Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm
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Bitcoin is undergoing its third consecutive retest of a major support level, concerning analysts about the weakening of such levels upon repeated tests. This level is the short-term holder Realized Price, an indicator representing the average cost basis of those who purchased Bitcoin within the last 155 days. Historically, this price level acts as a support during bullish markets as short-term holders may accumulate more Bitcoin, seeing it as a dip opportunity. However, recurrent retests make the support weaker, and it remains uncertain if short-term holders will maintain their bullish outlook. Recently, Bitcoin's price has reduced by 2% to $64,700, maintaining its bearish trend.
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