Bitcoin price hits bull market trendline that last sparked 30% gains

Bitcoin practically reclaims the short-term holder realized price, bringing with it both their breakeven point and the odds of significant BTC price upside.

• Bitcoin faces a battle for a key bull market trendline, which it lost for the first time in nearly a year in June.
• BTC price sends short-term holders into the black

Bitcoin STH activity is a key point of reference during bull markets, as the aggregate cost basis of this speculatory hodler cohort often forms long-term price support.

The same has been true since the latest bull market began in early 2023 — BTC/USD only dipped below the STH realized price for brief periods.

Now, another dip is coming to an end. STH entities, defined as those hodling a given amount of BTC for 155 days or less, are no longer doing so at a loss.

“Recently, the Bitcoin price has reclaimed the STH Realized Price,” CryptoQuant contributor J. A. Maartunn wrote in one of its Quicktake blog posts on July 18.

Maartunn additionally noted that “since 2023, Bitcoin has reclaimed the short-term holder Realized Price twice, each time resulting in at least 30% profits.”

• Bitcoin trader warns over low volumes

The area around $65,000 nonetheless remains a key target for bulls to flip to support next.

Among those seeing good odds of upside continuation is a well-known trader and former fund manager, Aksel Kibar.

“This is the 5th month $BTCUSD is not backing off from the strong resistance around 65K,” he told followers on X on the day.

On daily timeframes, popular crypto trader JT argued that BTC/USD needed to break through several Fibonnaci retracement levels, currently holding it back, for a shot at new all-time highs.

In a word of caution, JT added that volume was “notable” in being the opposite of that seen during the recent BTC price four-month lows near $53,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.