Things are not looking good at all for the Bitcoin price action let alone the Bitcoin Short-Term Holder, this if we take into account that the Bitcoin Short-Term Holder Cost Basis crosses in a rare show of weakness.
According to William Suberg the Bitcoin price action "Down 3.7% so far this week and 5.75% for June as a whole, the pair struggled to find acceptance even at the USD 64,000 mark."
On the other hand, "Analyzing the current market structure, popular trader Skew acknowledged that some buying interest was returning at the lows, but that sustained bidding would be needed to fuel a broader recovery"
In this regard Bitcoin finally attacks its short-term holder cost base, "With its latest drop, Bitcoin reached and crossed a key bull market trend line in the form of the short-term holder cost base (STHCB), also known as realized price."
According to data provided by Cointelegraph, "A nice break above STHCB now, with price at USD 64.2k and STHCB at USD 64k. Let's see how it interacts at this level throughout the day."
SOURCES CONSULTED
Cointelegraph. Watch these BTC price support levels as Bitcoin tumbles below $64K. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
