Bitcoin continues to move upwards. It recently went over $67,000 and is getting close to the important psychological boundary of $70,000. A researcher on the social networking site X said that people who own more than 1,000 Bitcoin are not moving their coins to swaps. This means they think prices will go up even more in the next few days and weeks.
Even though it was a quiet weekend, the rise earlier today has given hopeful traders encouragement. Coin buyers, even significant investors, usually sell when gains look like they might not last. But the current trend shows that significant buyers are keeping their assets because they think prices will rise quickly again.
The 30-day average holding is 641 BTC, a number that has dropped sharply since the middle of 2023. This shows that whales are optimistic and do not care about short-term changes.
This does not imply that prices will go up dramatically, but it does make people more likely to think that prices will keep going up. On-chain data shows that the Market Value to Realized Value (MVRV) ratio has gone up along with Bitcoin’s latest rise above $66,000.
Bitcoin’s Short-Term Dynamics
People who have owned Bitcoin for one to three months now have an MVRV ratio above 66,500. This means that these holders are no longer in the “unrealized loss” zone and shows a change in the attitude of short-term investors. Prices are now above $66,700, which means that these buyers are generating funds.
It is still not clear how Bitcoin’s price will change in the next few to three months. Another expert pointed out that more than 530,000 BTC were traded at $66,250, which makes this level a strong support. If buyers can stand up to the pressure from sellers, this line could be an excellent place to begin for a move that could lead to a new all-time high.
Analysts all agree that the price range above $60,000 is a good place to start. The Bitcoin Short-Term Holder Cost Basis (STHCB), which is now at $60,700, is going up, according to an expert on X. Throughout history, the STHCB has been a strong support during bull markets and a strong obstacle during bear markets.
This measure keeps track of the average price at which short-term holders (those who have held BTC for less than 180 days) bought it. The rising STHCB points to a possible price floor, which supports the bullish view.
