Posted 4/15/2024, 3:00:15 PM
Bitcoin Rebounds Above $66K As Price Nears Cost Basis of Recent Large Investors
- Bitcoin rebounded back above $66,000 after dropping towards the average cost basis ($60,700) of short-term holder (STH) whales
- STH whales are large investors who bought Bitcoin in the last 155 days
- Long-term holder (LTH) whales have a much lower average cost basis ($21,500) since they bought a long time ago
- Bitcoin's price neared the cost basis of STH whales during the recent drop, but recovered before crossing under it
- Historically, when Bitcoin's price rebounds near the cost basis of certain investor groups, it leads to a buying reaction
