Bitcoin price hit its highest level in three months, rising to $80,500 on Monday, May 6. Testing this price band for the first time since January 31, Bitcoin has thus come to just below the average cost of the short-term investor. The move above $80,000 turned investors’ eyes to the $81,486 level. This value is considered the average purchase price of coins that have moved in the last 155 days and represents an important psychological threshold for short-term investors.
The resistance of short-term investors comes to the fore
Analysts emphasize that a daily close above $81,500 is important for the continuation of the rise in recent hours. If this level is exceeded, short-term investors will make profits again and a serious decrease in sales pressure is expected. Cryptocurrency analyst Crazyyblockk states that the losses of short-term investors have decreased to around 2.17 percent and the contraction in seller volume continues. Although long-term investors have an average profit of approximately 27 percent, this group does not show any rapid selling tendency.
Crypto analyst Crazyblockk points out that the losses of short-term investors have decreased considerably with recent developments; He states that although long-term investors are significantly profitable, their sales rate remains low.
In addition, SOPR (expenditure profit ratio) data, which shows the profitability of spent coins, also attracts attention. This rate increased from 0.99 to 1.097, indicating that the coins changed hands again at a profit. Experts say that there is no increase in the sales of long-term investors and accumulation still continues in the market.
Mobility and supply balance in stock markets
When stock market transfers are examined, it is seen that 97.2 percent of recent Bitcoin inflows come from short-term investors. Specifically, investors with wallet balances between 1 and 1,000 BTC accounted for 58 percent of total inflows. While the period peaked with 35,649 BTC inflows to the stock exchanges on April 24, it is seen that this amount decreased to 3,895 BTC by May 3. This decline provided a momentary relief from the selling pressure and indicated that the $80,000 level could strengthen as support.
Looking at the latest data from researcher Axel Adler Jr., a net 8,512 BTC entered the exchanges in recent days, and this amount peaked on April 27 and April 30. The price absorbed this supply without experiencing a significant decrease; This revealed that a lively demand continues in the market.
Between May 1 and May 3, net inflows to the exchanges decreased to 269 BTC and reached balance. While short-term averages continue to rise, in the long term, entries and exits are almost equal.
Investors are watching for new resistances
There was an increase of 5,773 BTC in stock exchange reserves on a weekly basis and the total reserve increased to 2,685,541 BTC. At the end of April, a slight decrease was recorded in this reserve. Adler Jr. says that the coins waiting on the exchanges have not suddenly gone on sale and that there is still no excess supply in the market. However, if there is a slowdown in demand, sales pressure may come to the fore again.
Another important evaluation belongs to cryptocurrency investor Ardi. Ardi points out that Bitcoin has retested the resistance zone at $79,600. It is stated that as long as this limit remains, the next target is the $ 84,000 band.
Cryptocurrency investor Ardi suggests that Bitcoin maintains its upward trend by holding at $79,600 and the next target is $84,000.
On the other hand, it is stated that if there is a decline below $ 80,000, the focus will shift to the new investor cost at $ 76,500 and in this case, conditions will be difficult for the continuation of the rise.
