CryptoOnchain Researchers Note: BTC Rate Tests Key Support Levels
CryptoOnchain researchers noted that the Bitcoin (BTC) rate entered a correction phase after reaching a local maximum of $124,000 on August 13. According to experts, the price was fixed at around $108,000 by the end of the month. Experts attribute this movement to profit-taking by large holders, which triggered local pressure on the market.
The first important indicator is the Short-Term Holder Realized Price, which reflects the average BTC purchase price of investors who hold the asset for 1 to 3 months. This indicator historically serves as a line of defense or resistance. The researchers emphasized that the price of bitcoin has come close to this mark, and the reaction of market participants in the coming days will show whether buyers will be able to maintain the initiative.
“If the current support for the BTC rate does not hold, the attention of traders will shift to the next key level. We are talking about the Mid-Price according to the Realized Value model, which takes into account the MVRV and Realized Price metrics. This level has repeatedly held back the asset's decline in the past and served as a starting point for subsequent growth phases,” the analysts assured.
According to experts, the Mid-Price indicator is currently in the $92,000–$93,000 range. Losing this range will be an alarming signal and may lead to a deeper correction. At the same time, maintaining it can bring back buyers' interest and strengthen the market.
Thus, according to the researchers, the coming weeks will be a test for short-term and long-term investors. Maintaining support at the current level or in the range above $92,000–$93,000 will determine the trajectory of Bitcoin in the fall. Most likely, the quotes of the main digital coin will continue to grow unless critical events occur in the market.
Source: cryptonews.net
