Analyst: If Bitcoin Fails to Break Through $66,000 Effectively, the Risk of a Short-Term Peak Increases
BlockBeats reported on July 19 that Glassnode Chief Research Analyst CryptoVizArt stated that the short-term holder cost basis distribution heatmap shows a new wave of coins shifting to new buyers in the $62,000 to $65,000 range during the rebound of Bitcoin from $57,000.
He believes this structure has two sides. On the one hand, buyers actively accumulated during the price increase, which may establish a new cost basis support, creating conditions for Bitcoin to further test the $66,000 level and above.
On the other hand, this round of coin accumulation is mainly concentrated at the end of the local rebound. If Bitcoin cannot effectively break through $66,000, the risk of a short-term market top will rise. $66,000 is the key short-term level to determine which of these two scenarios will play out.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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