On Friday, January 2nd, the premier cryptocurrency jumped to above the psychological $90,000 level. However, the latest on-chain data suggests that there is no need for investors to be excited about the recent Bitcoin price action.
Bitcoin Price Needs To Cross The STH Average Cost At $99,000For context, the Short-Term Holder Realized Price is an on-chain metric that tracks the average price where Bitcoin short-term investors (holding for less than 115 days) acquired their coins. Being the average cost basis of the most reactive group of investors, the STH Realized Price often functions as a dynamic support and resistance level.
Kesmeci wrote on X:
No bull market without the short-term investor with a broken heart being made happy.
Data Converges Between $99,000 And $102,000Furthermore, Kesmeci pointed out that additional on-chain data reinforces the critical importance of the $99,000 region to the Bitcoin price trajectory. The crypto analyst said that significant data is converging in the $99,000 – $102,000 range, and until this region is surpassed, the price of BTC might continue to struggle.
As of this writing, the Bitcoin price stands at around $90,110, reflecting a roughly 2% jump in the past 24 hours.
