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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Price Lags Below $110K — On-Chain Levels To Watch

Opeyemi Sule
Opeyemi Sule
3 weeks ago
2 mins read
Bitcoin price

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The Bitcoin price has had a mixed performance in August, starting with a positive run-up to a new all-time high above $124,000. The premier cryptocurrency, however, has struggled to sustain this momentum in the final two weeks of the month.

On Friday, August 29, the price of BTC fell to a six-week low of around $107,500, mirroring the widespread bearish sentiment in the market going into the weekend. While the market has been somewhat stable over the past day, the Bitcoin price has failed to show any real intent of breaking above the psychological $110,000 level.

BTC Investors Should Look Out For These Two Support Levels 

In a Quicktake post on the CryptoQuant platform, CryptoOnchain shared insights on the decline of Bitcoin, revealing that heavy profit-taking by whales was the primary factor behind this corrective phase. According to the on-chain analyst, there are certain levels to watch out for when evaluating the next step for the world’s largest cryptocurrency.

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CryptoOnchain revealed two crucial Bitcoin price levels to look out for based on relevant on-chain indicators. Firstly, the crypto analyst identified the Short-Term Holder (STH) Realized Price (1-month – 3-month) as the first line of defense or support for the flagship cryptocurrency.

CryptoOnchain described the STH Realized Price as the average acquisition price for investors for investors who have held their for 1 to 3 months. This level has historically served as a strong dynamic support and resistance for the Bitcoin price. According to the analyst, the price of BTC seems to be currently testing the support around this STH Realized Price, as shown in the chart below.

Bitcoin price
Source: CryptoQuant

Furthermore, CryptoOnchain identified the Realized Value Model’s Mid Price as the ultimate support level to watch for the Bitcoin price. This metric (green line in the chart below), which is based on MVRV and Realized Price, represents the most reliable long-term support level across various market cycles.

The on-chain analyst noted that this support level is approximately $92,000, and it could provide the Bitcoin price with the necessary relief if the other short-term supports fail to hold. However, the premier cryptocurrency might have to endure an extended corrective phase if this $92,000 support is broken.

Bitcoin Price At A Glance

As of this writing, Bitcoin is valued at around $108,689, reflecting no significant price movement in the past 24 hours. According to CoinGecko data, the BTC price is down by almost 6% in the past seven days.

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The price of BTC on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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