Bitcoin’s Rollercoaster: Will It Soar or Plummet? 🎢💰

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In a rather enlightening post on the mystical realm of X, our intrepid crypto oracle, Matthew Hyland, has proclaimed that Bitcoin (BTC) is preparing to engage in a daring tango with the support level, which, if you squint just right, appears to be somewhere between the lofty heights of $69,000 and $74,000. Yes, folks, hold onto your hats, because the coming months promise to be a wild ride!

Is The Bitcoin Bottom In?

Now, Hyland, with the confidence of a cat on a hot tin roof, has noted that BTC’s weekly resistance level is currently lounging around the $90,500 mark, sipping a piña colada and enjoying the view. He insists that if Bitcoin manages to close above $89,000 for the week, we might just be looking at the bottom of this rollercoaster. He quipped:

“If we do get a weekly close above this area ($89,000 to $91,000), I think the low is in for Bitcoin, and we are not going down to this area.”

Let’s not forget, dear reader, that BTC last frolicked above $89,000 on the fateful day of March 9. After that, it took a nosedive, courtesy of some rather unhelpful macroeconomic shenanigans, including President Trump’s trade tariffs that sent the markets into a tizzy. Who knew tariffs could be so dramatic?

According to the wise sages at Binance, after failing to hold onto the $89,000 level, BTC plummeted to a rather dismal $76,606 on March 10. But fear not! The digital asset has since made a slight recovery, buoyed by the delightful news of lower-than-expected US CPI inflation data, and is currently trading in the low $80,000 range. Huzzah!

BTC Faces Strong Resistance At $86,100

In a recent Quicktake post on CryptoQuant, the analyst known as Yonsei_dent has shed light on the importance of the short-term holder (STH) Realized Price, which is a fancy way of saying, “What did you pay for that Bitcoin, and are you regretting it yet?”

For those who have just emerged from under a rock, Bitcoin’s Realized Price is the average cost at which investors acquired their shiny coins, while STH refers to those who have held BTC for less than six months. These folks are typically more jittery than a cat in a room full of rocking chairs when it comes to market movements.

Yonsei_dent pointed out that the weighted average Realized Price for STHs who have held BTC for one week to six months is around $91,800, which means they’re currently feeling a bit of a pinch. Meanwhile, the three to six months STH cohort has a Realized Price of $86,100, marking a formidable resistance level for our digital friend in the short term. It seems this group has the highest share of Realized Cap among STHs, suggesting that selling pressure could become as intense as a soap opera cliffhanger around this price level.

As for major support levels, long-term holders (LTH) who have been in the game for six to twelve months have a Realized Price of $63,700. The post adds:

“The highest volume profile over the past year is concentrated around $64,000. This reinforces the idea that this area could serve as a strong support level.”

If BTC fails to clear some of its immediate resistance levels, we might just find ourselves following Arthur Hayes’ prediction of a bottom around $70,000. But fear not, for several indicators suggest that BTC may be undervalued at its current market price. As of now, BTC trades at $81,745, up a modest 0.7% in the past 24 hours. So, keep your fingers crossed and your wallets ready, because the crypto circus is just getting started! 🎪💸

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2025-03-14 12:41