Bitcoin's $64,000 becomes key support! Retail investors' chips are in the range of US$66,000-68,000

After the U.S. non-farm employment data was released last Friday, which far exceeded expectations, Bitcoin fell from nearly US$72,000 to as low as US$68,400. The largest decline during the period was more than US$72,000. 5%.

Since then, the price of Bitcoin has continued to fluctuate around US$69,300. However, it rose to US$70,000 between 11 o'clock yesterday and 2 o'clock today, but failed to continue to break through. At the time of writing, the price of Bitcoin fell back to $69,400, slightly down 0.02% in the past 24 hours.

STH has realized a price of nearly $64,000

Bitcoin’s sideways fluctuations seem to have a "support" force at work. Observing the chips on the chain, the realized price (RP) of short-term holders (STH) continues to rise. The current STH Realized Price has risen to nearly $64,000, up 1.5% in the past week, indicating an increase in short-term speculation.

STH Realized Price is the average on-chain price for short-term holders (users who have held the currency for less than 155 days, the deadline is 155 days, which happens to be around the time when the US Bitcoin spot ETF was approved in January) The cost line of changing hands is an indicator to analyze the main support of the current chips. Therefore, as long as Bitcoin remains above $64,000 in the coming months, the long-term outlook for Bitcoin price will remain bullish as this price serves as important support.

On-chain data analyst Murphy also recently published an article pointing out: Judging from past data, as long as there is no black swan event, the price of BTC during the bull market will be difficult to be significantly lower than STH-RP, close to or slightly lower. This location will trigger a lot of demand. Therefore, STH-RP is a strong support.

The long-term and short-term holders of Bitcoin have realized the price

The chips have changed hands from US$60,000-64,000 to US$66,000-68,000

Murphy further pointed out with URPD data that the main change in the chain structure in the past 20 days is that a large number of chips in the range of 60,000-64,000 US dollars have been changed hands to the range of 66,000-68,000 US dollars, and nearly 1.55 million BTC have been formed. of accumulation. This forms a thicker "moat" on top of STH-RP.

Murphy concluded: "I think based on the current data, if there is no sudden external event that seriously affects the mood, this lower limit (should refer to STH-RP) will not be easily affected. break in".

Note:

• The full name of URPD is UTXO Realized Price Distribution, which is the realized price distribution of UTXO. It can clearly reflect the price corresponding to the last movement of BTC in circulation. Price range. Simply put, it is the price distribution of chips on the BTC chain.
• is a useful indicator to analyze the current main cost, support or pressure level of chips to judge the current market sentiment.

Bitcoin 6/7URPD

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