Bitcoin might be approaching its last major hurdle before reaching new all-time highs. After a significant increase last week, the Bitcoin price is now hitting some resistance. However, this obstacle might only be temporary.
The Last Obstacle?
According to Axel Adler from CryptoQuant, the only resistance left for Bitcoin is at $67,100, which is the average purchase price of short-term holders. Breaking through this barrier would be regarded as a bullish sentiment, he says.
This figure doesn’t represent the average purchase price for the entire market but rather a small segment of short-term investors—those who bought their Bitcoin between 30 and 90 days ago. These are relatively recent market entrants.
https://twitter.com/AxelAdlerJr/status/1814970591654404339
The chart from his X post shows the average entry price for these investors (purple line), and it’s clear that Bitcoin is struggling to break through this level. These investors might be selling their Bitcoin at the breakeven point after the steep declines from the all-time high.
Just One More Push?
So far, Bitcoin has struggled to stay above this line, with significant resistance around $67,000. In this context, resistance means there is considerable selling pressure at this price level.
If this selling pressure eases, we might see some interesting developments in the Bitcoin price. Especially with Donald Trump scheduled to speak at a Bitcoin 2024 in nashville event in the United States this Saturday.
There are even rumors that he might announce a Bitcoin strategy for the U.S. government, provided he wins the election in November.
Additionally, there is speculation that Elon Musk might also have some big news should he be attending the conference.
Despite this uncertainty, it’s encouraging to see Bitcoin recover from local lows of $53,500 to its current price of $65,935 at time of writing, according to CoinMarketCap data. Just a few weeks ago, this seemed unlikely.