Bitcoin ($BTC) is reportedly nearing a significant support level. As per the data from Axel Adler Jr, Bitcoin ($BTC) is moving toward a crucial support level whereas its price is hovering around $92,000. The popular crypto researcher took to his official social media account to provide insights into Bitcoin’s current trajectory toward the next support level.
Bitcoin’s 200-Day SMA Reaches $82,314
The crypto researcher deems Bitcoin to be in a noteworthy position amid the heightened volatility. In line with the on-chain data, Bitcoin is nearing an important support level. Hence, the top crypto asset could witness a notable development in the upcoming days. The data reveals that Bitcoin’s 200-day simple moving average has reached the $82,314 mark.
STH 3M-6M Realized Price Touches $79.29k, Highlighting Crucial Support Level
The simple moving average often plays the role of a long-term support signal. Based on historical data, Bitcoin has seen a robust buying interest whenever it approached the present position of $82,314. This makes it a critical point when it comes to additional downside movement. Apart from that, Bitcoin’s short-term holder 3M-6M realized price has touched the $79,290 spot. This indicator denotes the short-term holders’ mean cost basis. These investors include those having bought $BTC within the past three to six months. The current level of this indicator highlights that several recent Bitcoin investors would be going through a loss if $BTC dips below the respective threshold.
STH 1W-1M Realized Price Stands at $97,478, Underscoring Critical Resistance Level
Along with the support levels, Bitcoin also witnesses important resistance levels. One of them is 1W-1M short-term holders’ realized price. It signifies the average buying price of Bitcoin short-term holders, who bought $BTC in the past one week to one month. This indicator is currently standing at the value of $97,478. Another resistance level stands at $99,395 in the case of the realized price of short-term holders lying between 1-month and 3-month span. Moreover, the current short-term holders realized price is above $91K. If Bitcoin maintains its price above this level, it could point toward an extension in the bullish momentum.
