Compared to the push message, OnChain analysis indicates that on-chain data shows potential resistance for Bitcoin at $65,000. The drop in June reversed the upward momentum in May, primarily due to miners’ sales and concerns about ETF inflows representing non-directional arbitrage bets rather than direct bullish bets.
It is worth noting that this decline has brought the price far below the total cost base of short-term Bitcoin holders (i.e., wallets storing for 155 days or less). At the time of writing, according to data from LookIntoBitcoin, the total cost base for short-term holders is $65,000. On-chain analysis companies consider the actual price as the total cost base, reflecting the average price at which the token was last used on the chain.
In other words, short-term holders now face losses or deficit positions and may try to exit the market at a loss or break-even point, which could increase selling pressure around $65,000.
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https://www.coindesk.com/markets/2024/07/01/bitcoins-potential-rebound-may-fac…
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Original link: https://www.bitpush.news/articles/6913059
