Bitcoin’s (BTC) price moved above $64,000 before making a slight correction igniting bullish momentum following the broader market recovery. The gains registered by the asset in the last 24 hours come after massive liquidations were seen across the crypto market.
A new report from on-chain analytics firm CryptoQuant shows the asset bouncing off the short-term average price. Low trading in recent weeks saw the asset’s short-term average price at $58,500 with the value moving above the mark on the back of new inflows.
The average short-term price of an asset in this metric is calculated in the last 155 days. The price is divided by the total coin supply.
“In fact, the ‘Average short-term realized price(hereafter referred to as STH realized price)’ acted as important support in March ’23, June ’23, and Jan ’24 and as important resistance in April ’22, November ’22, and October ’23.”
Resistance and Support of Bitcoin Price
The metric is important to point to the present resistance and support of the asset amid macroeconomic and industry factors. In the last five days, Bitcoin price saw fluctuations around the average mark alongside its present levels with new support levels.
According to analysts at CryptoQuant, each time Bitcoin price breaks out of support or resistance around the average, it goes in one direction with an increase in price volatility. “The current STH realized price is located at $58,500 and fortunately, the price has bounced back from that price,” they added.
Similarly, crypto trader Rekt Capital highlighted the Bitcoin bull run progress bar at 36.9% based on previous standard halving cycles.
#BTC Bull Market Progress:
▓▓▓░░░░░░░ 36.9%
(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/iDiDwFC2Jj
— Rekt Capital (@rektcapital) May 4, 2024
Wider Crypto Gains
Bitcoin price is up 3.11% at $63,496 with recent gains restoring weekly inflows in the asset. The surge can be seen as positive sentiment trickled into the market. Bitcoin’s gain isn’t in isolation as altcoins and memecoins recorded similar flows.
Ethereum (ETH) exchanges hands at $3,112, a 2.33% increase in the last 24 hours. Solana (SOL), Cardano (ADA), and Ripple (XRP) are also up with memecoins outpacing the market.
Also Read: Just-In: Bitfinex Suffers Data Breach, Tether CEO Says “Seems Fake”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
