Bitcoin Approaches Crucial Bull Market Support Despite 10% Dip

Key Insights:

Bitcoin has faced a 10% correction from its peak, finding support near $108,600, which aligns with the short-term holder realized price (STH RP).
Recent data indicates that both the realized price and STH RP have increased by more than 1% in the past week, reflecting sustained demand from investors.

Article Details:

Bitcoin is currently down by 10% from its all-time high of approximately $124,000. The STH RP will act as a crucial support level around $108,600, which indicates where short-term holders acquired their coins.

Historically, the STH RP acts as support during bull markets. The metrics suggest that many investors are continuing to purchase Bitcoin at rising prices, which may help stabilize the market during this correction phase.

Realized Price (RP) is also on the rise, demonstrating that there is active accumulation in progress. In light of this correction, while immediate volatility pressures the prices, the rising cost basis indicates that fresh capital is entering the market, mitigating sell pressure in the long run.

For more insights, read the full article on CoinDesk: Bitcoin, Stocks Hit by $400B Liquidity Drain From U.S. Treasury Account, Not Jackson Hole: Analysts.