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Bitcoin Crashes: Here's Where The Nearest On-Chain Support Is
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is

Keshav Verma
Keshav Verma
5 months ago
3 mins read
Bitcoin

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Bitcoin has observed a plunge during the past day. Here’s the nearest on-chain level that the asset would end up retesting if the drawdown elongates.

1 Week To 1 Month Bitcoin Holders Have Their Realized Price At $97,900

As pointed out by CryptoQuant author Axel Adler Jr in a new post on X, the Realized Price of the 1-week to 1-month-old BTC investors is the closest support for the asset right now.

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Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is

5 months ago

The “Realized Price” here refers to an on-chain indicator that, in short, keeps track of the cost basis or acquisition price of the average holder on the Bitcoin network.

When the metric’s value is lower than the spot price of the cryptocurrency, it means the investors as a whole can be considered to be holding a net amount of profit. On the other hand, it being under the BTC value suggests the dominance of loss in the market.

In the context of the current topic, the Realized Price of only a particular segment of the sector is of interest: the 1-week to 1-month-old holders. This cohort includes the addresses that have been holding their coins for at least one week and, at most, one month.

Now, here is the chart shared by the analyst that shows how the Realized Price of this Bitcoin group has changed over the past year:

Bitcoin STH Realized Price
Looks like the asset isn’t too far away from this level at the moment | Source: @AxelAdlerJr on X

As displayed in the above graph, the Realized Price of the 1-week to 1-month-old Bitcoin investors has been climbing up alongside the price rally. This is naturally due to the fact that the cohort’s cost basis has been getting repriced to higher levels as new investors have been purchasing at the rally highs.

Currently, the indicator’s value sits at $97,900, so these investors would be in profit at the current price. Earlier in the past day, however, the asset came dangerously close to retesting the level as its price saw a brief dip below $99,000.

The 1 week to 1 month old investors make up a section of a larger cohort known as the short-term holders (STHs). The STHs are broadly defined as the holders who bought their coins within the past 155 days.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell. So, the STHs, and especially the 1-week to 1-month-old segment, would contain the holders with the least amount of resolve in the sector, owing to their low holding time.

Because of how fickle they are, the STHs generally show some kind of reaction whenever their average cost basis gets retested by the Bitcoin price. This reaction may come in the form of buying when the retest occurs from above, as these holders could believe the decline to be just a ‘dip.’

As such, the Realized Price of the 1-week to 1-month-old STHs, which is below the current price, could be looked at as a support level for the cryptocurrency. The level has also already helped the asset out once this month.

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Ethereum On-Chain Demand Should Sustain ETH Above $4,000, IntoTheBlock Says

5 months ago

So far, Bitcoin has been making a recovery from the plummet, but should the bearish momentum return, the retest of the line may be to watch for, considering the past pattern.

BTC Price

At the time of writing, Bitcoin is trading at around $102,200, down almost 3% in the last 24 hours.

Bitcoin Price Chart
The price of the coin appears to have been riding an uptrend over the last few weeks | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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