This Bitcoin (BTC) support level could return to resistance if broken

The weekly recovery of more than 7% has pushed the price of bitcoin briefly above $67,500, a level not seen in almost a month. The world’s leading crypto asset is currently looking to set a new peak.

With the latest upward price action, BTC has found new support. If reversed, however, this level could also prove to be a major resistance area.

$61.5K: A crucial level emerges

The $61.5K level could serve as strong support for the asset if you look at Short-Term Holder Realized Price (STH), a metric that reflects realized capital of BTC holders who have held the their coins from one day to six months.

This group of investors represents 53.48% of the total market capitalization and therefore has a significant weight.

Within this cohort, CryptoQuant identified the 0-day to 1-week Bitcoin STH, which captures 10.6% of the market, closely tracks the spot price, and thus often does not indicate significant variation. Meanwhile, the 1-week to 6-month group, representing 47.78% of the market, provides a more accurate reflection of short-term traders’ actions and sentiment.

In particular, the 1-3 month holders that entered during the March rally now achieve more than 30% of the realized limit, reflecting a substantial transfer of volume from long-term holders to short-term holders.

This investor sensitivity to the STH realized price could lead to $61.5 thousand acting as a pivotal level, according to CryptoQuant analysis, which, if decisively breached, can move from support to strong resistance .

New Peak for Bitcoin Soon?

The price of Bitcoin has improved since last week and is currently sitting just below $67,500 after breaking above that level over the weekend. 10x Research’s latest newsletter also found the level noteworthy, saying a break above could lead to new record highs.

“Bitcoin’s price action has improved significantly since last week. Prices have rebounded towards their late April resistance zone (67,500), surpassing early May highs (64,000). A breakthrough above 67,500 could lead to new all-time highs, a scenario our Bitcoin ETF model predicts.”

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