According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08% in the last 24 hours as it briefly traded above the $63,000 price mark. Notably, this price rise comes following a decline that saw the market leader trade below $59,000 on Thursday. While the market sentiment is currently bullish, certain conditions are needed to procure an actual bullish breakout. Related Reading: Bitcoin Price Crash: $1.83 Billion Makes Its Way To Exchanges, Is A Bloodbath Coming? Bitcoin On The Brink Of Short-Term Bullish Run Following Bitcoin’s price ascent to around $62,000 on Friday, CryptoQuant analyst with the username Yonsei_dent shared a key insight on the asset’s potential price movement. In a Quickake post, Yonsei_dent highlights $62,700 to be the key price level for short-term holders i.e. $62,700 represents the average price at which many short-holders acquired Bitcoin, which the analyst states has remained consistent for the last three months. Therefore, this presents a critical price level for BTC, a movement above which signals a change in a market shift and can spur buying activity from short-term holders. However, Yonsei_dent ..
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