This Bitcoin Indicator Gives $22,400 as Most Important Level To Hold, Here's Why

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Here is why the $22,400 level is significant for Bitcoin price per Glassnode data BTC Crypto Price

The $22,400 level is also quite important since it is close to the 200 WMA , which has historically been an indicator for a bottoming formation, according to Glassnode.

At its current price of $24,458, Bitcoin is presently trading above both the realized price, which is $21,773, and the Long Term Holder Realized Price , which is $22,722. This represents the average value of the BTC coin supply as of the most recent on-chain transaction. With BTC prices above the realized price, the short-term outlook has improved with participants willing to gain exposure to the lead cryptocurrency. The overall miner balance has decreased by about 4,700 BTC over the past two weeks. This shows that during the recent price surge, aggregate miners were taking some exit liquidity, perhaps to strengthen their balance sheets and manage risk.

 

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