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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Short-Term Upper Bound Is $117,000, Glassnode Says

Keshav Verma
Keshav Verma
17 hours ago
2 mins read
Bitcoin

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The on-chain analytics firm Glassnode has revealed Bitcoin has recently been trading within a short-term band that has its upper level currently located at $117,000.

Bitcoin Is Trading Between These Two Short-Term Holder Price Bands

In a new post on X, Glassnode has discussed about the short-term price band that Bitcoin has been trading inside lately. The band in question is based on two levels relevant to the short-term holders (STHs), investors who purchased their coins within the past 155 days.

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The indicator related to the STHs that’s of interest here is the Realized Price, which keeps track of the average cost basis or acquisition level of the BTC addresses belonging to the group.

When the value of this metric is greater than the asset’s spot price, it means the STHs as a whole can be considered to be in a state of net unrealized profit. On the other hand, it being under the coin’s value suggests the dominance of loss among this cohort.

Now, here is the chart shared by Glassnode, which shows the trend in the STH Realized Price and a few lines corresponding to different standard deviations (SDs) from it:

Bitcoin STH Cost Basis
Looks like the price of the coin has been trading above the STH cost basis in recent weeks | Source: Glassnode on X

As displayed in the above graph, the Bitcoin price has interestingly traded in a range defined by two of these lines over the last six months. The lower bound of the range has been the -1 SD and the upper one the +1 SD.

The STHs are made up of the new entrants into the sector and fickle-minded traders, so the group tends to easily react to happenings in the market. As such, the cryptocurrency’s price can have some interactions with the STH Realized Price, due to the cohort’s panic buying/selling.

From the chart, it’s apparent that the same has been true in this period of consolidation as well. While the indicator has certainly not acted as an absolute support or resistance, the asset has still seen such effects around it in the short term.

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Currently, Bitcoin is trading above the metric after finding a rebound at it last month. The level ahead of the asset now is the +1 SD. In this period of sideways movement, it has so far only been able to test this line once.

“This level can be seen as the upper band of the short-term price action,” notes the analytics firm. The +1 SD is located at around $117,000 right now. It only remains to be seen whether Bitcoin will test this level in the near future or not.

BTC Price

Bitcoin has enjoyed a surge of more than 3% over the past day that has taken its price to $109,500.

Bitcoin Price Chart
The price of the coin seems to have shot up | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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