Once BTC Price Hits This Level, Traders Can Expect Bitcoin Bull Run!
Moving averages, indexes, and other technical devices are among many tools and indicators that help us decide if an asset is moving upward or downtrend.
However, most traders rely on market analysis, such as the cost basis average, which indicates the standard price of a currency acquired.
SHCB Barriers, An Important Indicator For The Present Trend
As per Will Clemente, lead blockware researcher, the short-term holding cost basis is a “great” negative indicator of the current market decline. Clemente claims that the indication might assist us in assessing the industry’s present direction.
Short-term holder cost basis was an excellent bearish indication of continued downside to come in December (as it has been for years) and is something I'll be watching as a momentum threshold if reclaimed over the coming months.Currently sits at $30,800 — Will Clemente (@WClementeIII) June 29, 2022
If a currency exceeds the SHCB barrier upwards, the market’s sentiment shifts to the negative side. Whereas, if an asset rebounds and exceeds the SHCB line downward, the market starts an optimistic moving cycle.
The metric displays the standard price of Bitcoin held by the short-term market participants who recently acquired the asset. Once an asset falls, short-term investors are prone to lose money.
Suppose somehow the price exceeds the SHCB line even after dropping below it. In that case, traders must keep track and know that the market has sufficient authority to move the currency’s price beyond the “breakeven selling pressure.” This kind of selling pressure is witnessed by the crypto market often when short and mid-term traders look to benefit from an earlier non – profitable stance.
The flagship currency has been having a hard time exhibiting any form of positive price action. Bitcoin has been stuck around the $20,000-$21,000 area for the previous 10 days due to inadequate market capital flows.
At the moment, the Bitcoin price is just a few figures away from losing its $20,000 stance as the King currency is changing hands at $20,109 with a drop of 4.30% over the last 24hrs.Source