Bitcoin Struggles To Hold Key Support: Could $88,000 Be Next?

Bitcoin's price is currently struggling to stay above the Short-Term Holder Realized Price, a crucial on-chain indicator. Glassnode's analysis focuses on various "Realized Price" levels, reflecting the average cost basis of Bitcoin investors. The original Realized Price can be misleading due to dormant coins, so Glassnode developed the "Active Realized Price." Bitcoin has recently traded closer to the Active Realized Price, but a substantial gap still exists. The Short-Term Holder Realized Price, representing investors holding coins for less than 155 days, is a key level. This STH Realized Price acts as a dividing line between bullish and bearish trends. Bitcoin initially fell below the STH Realized Price earlier this month, but briefly recovered above it. However, the recent price decline has brought it back below this critical level. Glassnode has observed Bitcoin's difficulties in consistently closing weekly candles above this mark. This situation increases the possibility of further price drops in the near future. The Active Realized Price, currently around $88,000, serves as the next significant on-chain support. The market now awaits to see if Bitcoin can rebound above the STH Realized Price. Bitcoin's price has recently decreased, currently trading around the $109,900 level.