Bitcoin Faces Challenges as it Approaches $28k Resistance Level
Bitcoin is currently facing a crucial price point as it nears the $28,000 mark. The cryptocurrency is up against several short-term technical indicators that could impact its market outlook. The 200-week moving average is currently at $28,130, while the 200-day moving average is slightly lower at $28,008. Additionally, the 111-day moving average is also positioned at $28,099, adding further complexity to the short-term analysis.
In the past week, Bitcoin has been following the 50-day moving average, which currently stands at $26,660. Another obstacle comes from the short-term holder’s realized price, currently valued at $27,830. This metric represents the average on-chain acquisition price for coins that have been moved within the last 155 days, excluding those in exchange reserves. Coins falling under this category are more likely to be spent on any given day. Bitcoin has encountered resistance multiple times since falling below this threshold on August 17. Notably, it has previously adhered to the short-term holder’s realized price during significant events such as the SVB collapse in March and again in June.
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