Bitcoin rose to $69,500 and fell to $65,000 this week. Weeks of bullish momentum have faded, and BTC is stabilizing close around $70,000. If Bitcoin breaks above this mark, purchasing pressure increases.
As short-term holder (STH) coins trade at a 6.2% net asset value (NAV) premium, CryptoQuant data suggests additional growth. This premium is commonly used to measure market sentiment, showing the optimism of short-term holders prepared to pay more for Bitcoin. Investors expecting price increase and preparing themselves for future profits usually pay a greater NAV premium.
BTC is stabilizing in its present range, and all eyes are on $70,000 as a possible breakthrough level for a surge. Technical signs and high buyer demand underpin Bitcoin's prognosis for the next weeks, boosted by favorable market mood and supportive data.
Retail Bitcoin Buying Again
Bitcoin is attracting short-term buyers as its price consolidates below critical supply levels around all-time highs. X analyst Axler Adler recently revealed that Bitcoin's short-term NAV premium has risen to 6.2%.
Bitcoin's market price is 6.2% over the average short-term holder purchase cost. These investors value Bitcoin higher, indicating confidence about future gains.
Bullish, this indicator suggests price rise, says Adler. A 25% or greater NAV premium indicates an overheated market, indicating that demand is still low.
Adler says the NAV premium indicates market sentiment. A modest premium of 6.2% indicates robust short-term demand, representing an accumulation period rather than a peak. This matters as Bitcoin's price consolidates beneath major resistance, possibly setting up a breakthrough.
Bitcoin's consolidation below crucial supply levels and growing short-term demand suggest price rise. If short-term holding demand rises, BTC may reach new highs.
Premium demand and manageable NAVs may indicate sustainable growth. If purchasing pressure rises, a rally may occur.
Technical Level To Watch
Bitcoin hit $66,900 after finding support around $65,000. Price consolidation above this key level shows durability. Holding over $65,000 signifies a shift, as it shows strength and boosts investor confidence. Bitcoin must climb over $70,000 to validate the rally to maintain momentum.
BTC strong above $65,000
If Bitcoin breaks $65,000, experts expect a retrace to $63,274, the 200-day MA. This level provides long-term assistance. If challenged, a retreat to this region might draw additional buyers, strengthening it as a significant support.
If Bitcoin loses the $65,000 level, analysts foresee a retrace toward the 200-day moving average (MA) at $63,274. This level is relevant as a long-term support zone. A pullback to this area could attract new buyers, reinforcing it as a major support if tested.
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