{"id":639047,"date":"2024-09-01T12:00:37","date_gmt":"2024-09-01T12:00:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=639047"},"modified":"2024-09-01T07:36:44","modified_gmt":"2024-09-01T07:36:44","slug":"bitcoin-price-analyst-explains-why-sub-66000-dangerous","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-analyst-explains-why-sub-66000-dangerous\/","title":{"rendered":"Bitcoin Price Under Pressure? Analyst Explains Why Retreat Below $66,000 Is Bad News"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A crypto analyst has pinpointed the $66,000 mark as a crucial level for the Bitcoin price and its trajectory over the coming weeks.\u00a0<\/span><\/p>\n<h2><b>Bitcoin Price Needs To Climb Above $66,000 \u2014 Here\u2019s Why<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Popular crypto pundit Ali Martinez took to the X platform to <a href=\"https:\/\/x.com\/ali_charts\/status\/94818067\" target=\"_blank\" rel=\"noopener nofollow\">share<\/a> an interesting on-chain observation for the price of Bitcoin. This on-chain revelation revolves around the warm supply realized price metric, which is derived from the average purchase price of Bitcoin that has been inactive for one to three months.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/ada\/ada-approaching-0-3389-support\/\" target=\"_blank\" rel=\"noopener \">ADA At A Crossroads: Approaching $0.3389 Support With Potential For A Deeper Decline<\/a><\/div>\n<p><span style=\"font-weight: 400\">As the name suggests, this <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crashes-64000-historical-support-hold\/\" target=\"_blank\" rel=\"noopener \">realized price<\/a> accounts for warm (relatively recent) supply metrics, as opposed to \u201chot\u201d (very recent) or \u201ccold\u201d (old) market activity. This metric is especially relevant because it offers a psychological and technical reference point for investors.<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GWT6UA7bQAIKgvT?format=jpg&amp;name=medium\" alt=\"Bitcoin price\" width=\"1199\" height=\"675\"><figcaption class=\"wp-caption-text\">Chart showing the warm supply realized price and the Bitcoin price | Source: <a href=\"https:\/\/x.com\/ali_charts\/status\/94818067\" target=\"_blank\" rel=\"noopener nofollow\">Ali_charts\/X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Typically, when the Bitcoin price is above the warm supply realized price, it means that the recent investors are in the green. On the other hand, the BTC price being below the warm supply realized price indicates that a significant percentage of recent<a href=\"https:\/\/ktsl888.com\/news\/bitcoin-rebounds-cost-basis-short-term-whales\/\" target=\"_blank\" rel=\"noopener \"> investors are currently at a loss<\/a>, which may potentiate selling pressure and result in a bearish trend.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> above the warm supply realized price is a positive sign, while dropping below it may indicate the start of a longer bear market. Right now, this level is $66,000. If <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> stays under it, bulls should proceed with caution! <a href=\"https:\/\/t.co\/QWzTquQ5Mh\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/QWzTquQ5Mh<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/94818067?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 31, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Data from Glassnode shows that the warm supply realized price is currently around $66,000. According to Martinez, bulls should approach the market with caution especially if the Bitcoin price continues to struggle beneath this level. <\/span><\/p>\n<p><span style=\"font-weight: 400\">This is because a sustained sub-$66,000 stay might be indicative of the start of a <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-hash-price-hit-low\/\" target=\"_blank\" rel=\"noopener \">long-term bear phase<\/a>, where prices could slip even lower as selling pressure increases.<\/span><\/p>\n<h2><b>BTC Price Could Continue To Range Between $58,000 And $65,000<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Interestingly, it appears that the premier cryptocurrency would still lag under the crucial $66,000 level for a while. According to analysts at <a href=\"https:\/\/www.qcpgroup.com\/insights\/weekend-brief-8\/\" target=\"_blank\" rel=\"noopener nofollow\">QCP Capital,<\/a> the Bitcoin price is likely to remain within the $58,000 and $65,000 consolidation range over the next few weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This projection comes as the Bitcoin market has become somewhat desensitized to the usual bullish triggers. The QCP analysts believe that the price of the flagship cryptocurrency will continue to consolidate until certain positive catalysts ignite the market.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-set-for-further-losses-as-data-points-to-stormy-september-details\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Set For Further Losses As Data Points To Stormy September \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">As of this writing, the Bitcoin price stands at around the $58,950 level, reflecting a mere 0.3% decline in the past 24 hours. According to data from CoinGecko, the <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-momentum-at-risk-nvt-golden-cross-signals\/\" target=\"_blank\" rel=\"noopener \">market leader<\/a> is down by more than 8% in the last week.<\/span><\/p>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/GRsu5fPO\/\" alt=\"Bitcoin price\" width=\"2174\" height=\"1434\"><figcaption class=\"wp-caption-text\">The price of BTC on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/GRsu5fPO\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A crypto analyst has pinpointed the $66,000 mark as a crucial level for the Bitcoin price and its trajectory over the coming weeks.\u00a0 Bitcoin Price Needs To Climb Above $66,000 \u2014 Here\u2019s Why Popular crypto pundit Ali Martinez took to the X platform to share an interesting on-chain observation for the price of Bitcoin. This on-chain revelation revolves around the warm supply realized price metric, which is derived from the average purchase price of Bitcoin that has been inactive for one to three months. Related Reading: ADA At A Crossroads: Approaching $0.3389 Support With Potential For A Deeper Decline As the name suggests, this realized price accounts for warm (relatively recent) supply metrics, as opposed to \u201chot\u201d (very recent) or \u201ccold\u201d (old) market activity. This metric is especially relevant because it offers a psychological and technical reference point for investors. Typically, when the Bitcoin price is above the warm supply realized price, it means that the recent investors are in the green. On the other hand, the BTC price being below the warm supply realized price indicates that a significant percentage of recent investors are currently at a loss, which may potentiate selling pressure and result in a bearish trend. #Bitcoin above the warm supply realized price is a positive sign, while dropping below it may indicate the start of a longer bear market. Right now, this level is $66,000. If $BTC stays under it, bulls should proceed with caution! pic.twitter.com\/QWzTquQ5Mh \u2014 Ali (@ali_charts) August 31, 2024 Data from Glassnode shows that the warm supply realized price is currently around $66,000. According to Martinez, bulls should approach the market with caution especially if the Bitcoin price continues to struggle beneath this level. This is because a sustained sub-$66,000 stay might be indicative of the start of a long-term bear phase, where prices could slip even lower as selling pressure increases. BTC Price Could Continue To Range Between $58,000 And $65,000 Interestingly, it appears that the premier cryptocurrency would still lag under the crucial $66,000 level for a while. According to analysts at QCP Capital, the Bitcoin price is likely to remain within the $58,000 and $65,000 consolidation range over the next few weeks.\u00a0 This projection comes as the Bitcoin market has become somewhat desensitized to the usual bullish triggers. The QCP analysts believe that the price of the flagship cryptocurrency will continue to consolidate until certain positive catalysts ignite the market. Related Reading: Bitcoin Set For Further Losses As Data Points To Stormy September \u2013 Details As of this writing, the Bitcoin price stands at around the $58,950 level, reflecting a mere 0.3% decline in the past 24 hours. According to data from CoinGecko, the market leader is down by more than 8% in the last week. Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":639049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,1119,1122,78790,61309],"class_list":["post-639047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-glassnode"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Under Pressure? 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. 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