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Bitcoin Has Key Support At $62,300, Will BTC Bulls Win After FOMC?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is recovering but still under immense liquidation pressure when writing. As BTC faces headwinds, the zone between $70,000 and $72,000 is proving to be a strong resistance level that must be broken for the wave of higher highs registered in Q1 2024 to continue.

The world’s most valuable coin is trading below $70,000 at press time, bouncing higher from around $67,000. The primary crucial support level to watch at press time is $66,000.

Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView

However, if bears are relentless, reversing gains of earlier today, more losses could be on the horizon.

Will Bitcoin Drop To The STH Realized Price And Support At $62,300?

Taking to X, one analyst notes that if the ongoing liquidation of long positions continues, BTC could plummet to the “Short-Term Holder Realized Price” (STH Realized Price) of $62,300.

BTC has support at $62,300 | Source: @@AxelAdlerJr via X
BTC has support at $62,300 | Source: @@AxelAdlerJr via X

The trader sees this level as a zone of low long liquidity. Accordingly, it could be a limited support where BTC bulls might find entry to plug losses.  

The STH Realized Price is usually used to gauge sentiment. Essentially, it represents all BTC’s average purchase price within 155 days. Those who choose to hold BTC during this time are often referred to as short-term holders or mainly speculators aiming to scalp price volatility.

Related Reading: Zimbabwe Steps Up To The Crypto Plate: Public Input Sought For Regulations

While the STH Realized Price serves as a sentiment indicator, the line plotted can act as support. If BTC prices continue plunging, trending below the STH Realized Price, it could force coin holders to liquidate since they are in the red.

On the other hand, if prices approach the STH Realized Price, traders might choose to buy, convincing holders that they are at near-breakeven.

The STH Realized Price is currently $62,300, but the one-to-three-month Realized Price is $66,600.

Therefore, if Bitcoin loses $66,000, the liquidation might accelerate the dump toward the 155-day STH Realized Price.

Eyes On The FOMC Amid High Inflation And Solid Employment Data In The United States

As the crypto market remains on edge, investors are closely watching the upcoming Federal Open Market Committee (FOMC) meeting. Given the strong labor market conditions, the central bank is expected to leave interest rates unchanged at 5.50%.

Last week, employment data exceeded expectations. According to the United States Bureau of Labor Statistics (BLS), 272,000 new jobs were created in June, far more than the 185,000 economists projected.

Inflation slowing down in the United States | Source: BLS
Inflation slowing down in the United States | Source: BLS

However, solid non-farm payrolls (NFP) data poured cold water on hopes of an imminent rate cut.

Related Reading: Ripple And Axelar Partner For Ethereum Virtual Machine Sidechain Launch

Even so, with inflation dropping to 3.3% year-to-date, according to the BLS, the odds of a rate cut is higher, a huge boost for Bitcoin bulls.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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