CryptoQuant analysts pointed out that in order to gradually eliminate the current sluggish sentiment in the BTC market, its price must soar above the actual price of its short-term holders.As of the time of publication, Bitcoin is "trapped" between short-term and long-term realized prices
CryptoQuant analysts pointed out that in order to gradually eliminate the current sluggish sentiment in the BTC market, its price must soar above the actual price of its short-term holders.
- As of the time of publication, Bitcoin is "trapped" between short-term and long-term realized prices.
- In order to improve market sentiment, its price must rebound above the short-term realized price.
CryptoQuant pseudonym analyst SignalQuant stated in a new report that once the price of Bitcoin exceeds the actual price of short-term holders (LTH), sentiment around Bitcoin may improve.
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The realized price of BTC refers to the average price at which all Bitcoins move throughout their lifecycle. When the realized price is higher than the market price, it means that the average profit of market participants.
On the contrary, when the actual price is lower than the current price, token holders will suffer losses.
For BTC short-term holders (STH), the actual price refers to the average price of coins purchased in the past six months. For long-term holders (LTH), it is the average initial purchase price of all tokens that have not been moved within the past six months.
According to data retrieved from Glassnode, as of September 12th, the realized price for short-term holders of BTC was $27975.
According to SignalQuant's data, before bearish sentiment swept through the market, this price mark served as a support level for the gold coin in January, turning it into a resistance level.
Source: Glassnode
As for long-term holders, the actual realized price is $22400. As of the time of publication, the price of Bitcoin was $25956, with a switch between the two actual prices.
According to SignalQuant:
The price of BTC needs to remain above the LTH realization price, and then rebound above the STH realization price, in order for "short-term and long-term investor sentiment" to truly recover
This will send a signal to investors that the bear market is over and Bitcoin prices may continue to rise.
Online activities continue to climb
Although the price of BTC continues to face resistance of $26000, new demand remains unabated. An on chain evaluation of token network activities shows that the number of daily new addresses created to trade leading tokens increased by 5% last week.
In fact, on September 9th, 717331 new addresses were added to the coin's network, which is the highest daily number in the past five years. In addition, data from IntoTheBlock also shows that the number of daily active addresses increased by 11% during the same period.
Source: IntoTheBlock
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The number of shark and whale BTC transactions completed daily has significantly increased. According to data from IntoTheBlock, BTC transactions valued at $10000 to $100000 have increased by 8% in the past 30 days.
During the same period, whale transactions worth $100000 to $1 million also increased by 6%.
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