Look to Bitcoin short-term holders for BTC support and resistance cues, new research argues.
As Glassnode writes, “the possibility of STHs taking profits tends to grow during periods where the average STH is 20%+ in money, returning a STH-MVRV above 1.2.”
“Should the market return to $19.3k, it would bring STH-MVRV back to the value of 1.0, and indicate that spot prices have returned to the cost basis of this cohort of new buyers.”$19,300 would thus form something of a magnetic target in terms of profitability and incentive not to sell for STHs., Glassnode is not alone in suggesting that $20,000 may not hold as support for BTC/USD, and that a new local low could form beneath that line in the sand.
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