[Analysis] "Will Bitcoin (BTC) Hold the 96K Support Line... Short-term Investors' Average Price in Sight"

Image = CryptoQuant Quicktake Capture

Bitcoin (BTC) is reportedly forming a crucial support zone at $96,000. If this support line is maintained, the bullish trend is likely to continue, but if it breaks, market sentiment may weaken, potentially strengthening the bearish trend.

On the 8th, ShayanBTC, an analyst at the virtual asset (cryptocurrency) analysis platform CryptoQuant, stated in a Quicktake report, "Currently, Bitcoin has fallen to around $96,000, the average purchase price of short-term investors," and analyzed that "this zone will be a key support line."

According to CryptoQuant, the realized price for short-term investors holding Bitcoin for 1-3 months is estimated to be $96,000. The analyst emphasized, "Movements around this price range will be an important turning point determining Bitcoin's short- and medium-term trends."

The analyst predicted, "If Bitcoin defends the $96,000 line, the bullish sentiment is likely to continue, leading to a sustained upward trend," but also warned, "If this support line is breached, fear may spread, triggering a selling trend."

As of 11:45 PM on this day, BTC is trading at $95,969 on the Binance USDT market, down 3.94% from the previous day.

Meanwhile, the realized price of Bitcoin is calculated by dividing the realized market cap by the total coin supply, representing the average price at which market participants purchased the coins.