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BTC price bounces at support that fueled 2023 bull market

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Bitcoin sees support from a familiar trendline during the latest BTC price relief bounce.

Bitcoin realized price support makes a fresh appearance to continue a classic bull market trend — can BTC price strength escape a historically short correction? on April 18, Julio Moreno, head of research at on-chain analytics platform CryptoQuant, flagged a possible turning point in Bitcoin price downside.According to CryptoQuant data, traders have returned to breakeven point on exchange holdings at $60,000.

An accompanying chart showed profit/loss for short-term holders — Bitcoin entities owning BTC for 155 days or less.“Traders' realized price has acted as support for prices during a bull market and it's now at ~$60K.”So far, only one brief dip below the $60,000 has been encountered since BTC/USD began retracing from new all-time highs in March.

 

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