History shows that Bitcoin (BTC) price correction is inevitable whether it is a bull market or not. However, this cycle has been different, especially as BTC reached a new all-time high before the halving in April.
In Q1, the inflows into the accredited Bitcoin ETFs drove the rate to $seventy three,750. Over the past few months, there has been a dearth of institutional capital. Thus, the ETFs now not dictate the direction of the coin.
Instead, the activities of Short-Term Holders (STH) flow BTC. STH refers to investors who purchased Bitcoin inside the remaining a hundred and fifty five days. To verify Bitcoin’s capability within the quick term, we will examine the STH Realized Price.
The STH-Realized Price, additionally referred to as the on-chain price basis, refers to the average price of the STH supply, valued at the length each coin last transacted on-chain.
As of this writing, BTC trades at $sixty two,367. However, in step with Glassnode, the STH-Realized Price is $sixty four,410.
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