The upward trend of bitcoin starts with the price of $ 47,000
Will Clemente, an analyst at the Blockware Institute, said the long-awaited uptrend would start if the Bitcoin price crosses the $ 47,000 mark. He used inbound data to detect this resistance.
To Report Youtudi has reached the $ 47,000 Clement level using the Bitcoin Cost Basis index. This index shows the average purchase price of bitcoin investors. The cost base for short-term bitcoin holders is at $ 47,000. In other words, the average purchase price of such an investor is $ 47,000.
Clement wrote on Twitter:
The price of Bitcoin has recently balanced somewhere between the base cost of short-term holders (green line in the picture) at $ 47,000 and the implicit price of holders (HODLer Implied Price – blue line in the picture) at $ 40,000. Passing the price level of the short-term holder cost index suggests an uptrend, and if the index breaks the implied price chart of the holders downwards, some of the holders may surrender and sell their bitcoins in the future.
As can be seen from the image above, the intersection of these two indicators can be an ascending or descending sign for bitcoin investors, depending on their direction of movement. Currently, if Bitcoin continues to decline, the price may experience a deeper fall as sales pressure intensifies among short-term holders.
The implicit price index of holders referred to by Clement is the product of the realized price (the total value of Bitcoin units based on the purchase price, divided by the total number of units in circulation) by the Liveliness number. Liveliness is an indicator of the behavior of holders and measures the ratio of the total bitcoins spent to the total bitcoins in the network.
Unspent bitcoins are units that have not been traded for a long time or have remained so-called intact. The number of liveliness varies from zero to 1; As the accumulation process between the holders continues, this index decreases and gets closer to zero, and on the other hand, with the increase in sales among long-term holders, it grows and gets closer to the number 1.
In general, if the cost index of short-term holders breaks the implicit price chart downwards, the market is expected to experience an increase in sales pressure, followed by a decrease in price. Maintaining the current situation and increasing the gap between these two indicators can also stabilize the market situation.
A break above $ 47,000 could be the spark to start a big uptrend. However, as Bitcoin has lost more than 12 percent of its value since the beginning of April, some traders may still decide to exit their trading positions and increase the downward pressure of the price.