{"id":529633,"date":"2023-05-03T14:30:28","date_gmt":"2023-05-03T14:30:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=529633"},"modified":"2024-06-11T08:51:19","modified_gmt":"2024-06-11T08:51:19","slug":"24400-next-major-level-support-bitcoin-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","title":{"rendered":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why"},"content":{"rendered":"

Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.<\/p>\n

Bitcoin STH MVRV Would Hit 1.0 If Price Declines To $24,400<\/h2>\n

According to this week’s edition of the Glassnode report<\/a>, the 1.0 level of the Bitcoin STH MVRV has been a point of support for the market during uptrends in the past. The “STH” here refers to the\u00a0 “short-term holder group<\/a>,” which is a Bitcoin cohort that includes all investors who have been holding onto their coins since less than 155 days ago.<\/p>\n

The “market value to realized value<\/a>” (MVRV) is an indicator that measures the ratio between the Bitcoin market cap and its realized cap. The “realized cap” here is a BTC capitalization model that aims to find the “real” value of the asset by assuming that the value of each coin in circulation is not the current price, but the price at which it was last moved on the blockchain.<\/p>\n

Since the realized cap accounts for the price at which the investors bought (which is the price at which their coins last moved), its comparison with the market cap (that is, the current price) can tell us about the degree of profitability or loss among the overall market.<\/p>\n

When the MVRV is greater than 1, it means the average investor is holding an unrealized profit with their BTC right now. On the other hand, values below this threshold imply the market as a whole is holding some amount of unrealized loss currently.<\/p>\n

Now, the “STH MVRV,” the actual indicator of interest in the current discussion, naturally measures the value of the ratio specifically for the coins owned by the Bitcoin short-term holders.<\/p>\n

The below chart shows the trend in the 7-day average value of this metric over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

The 7-day average value of the metric seems to have been above the 1.0 level in recent months | Source: Glassnode's The Week Onchain - Week 18, 2023<\/a><\/pre>\n
In the graph, Glassnode has marked the lines of the 7-day average Bitcoin STH MVRV that have been relevant to the price of the cryptocurrency during the last few years.<\/p>\n
Related Reading: Ethereum Sees Inflows Of $505M Into Binance, Sign Of Selling?<\/a><\/div>\n
It looks like short-term corrections for the asset have generally become more probable when this indicator has crossed a value of 1.2. At this level, the STHs hold unrealized profits of 20%.<\/p>\n
The recent drawdown in the cryptocurrency’s price from the $30,000 mark<\/a> also took place when the metric was above this level. To be more specific, the indicator had a value of 1.33 when the asset was rejected, implying that the STHs had 33% profits.<\/p>\n
The reason that high MVRV values of this cohort have usually made a decline more probable for the price is that the higher the amount of profits that the STHs hold, the more likely they become to sell and harvest their gains.<\/p>\n
From the chart, it’s visible that the on-chain analytics firm has also marked the relevance of the 1.0 level (that is, the threshold line between profit and loss) to the cryptocurrency. Interestingly, this level has generally provided support to the price during periods of uptrend.<\/p>\n
The likely explanation behind this trend is that the 1.0 level serves as the cost basis of the majority of the STHs in the market, so when the price hits this mark, these investors look at this point as a profitable zone to accumulate more of the asset. Obviously, this behavior is only seen during rallies, as holders would only find it worthful to buy more if they think the price has the potential to grow.<\/p>\n
Related Reading: Check Out This Shocking Pepe Coin Versus Bitcoin Comparison<\/a><\/div>\n
As the market is right now, the price would need to decline to $24,400 in order to hit this 1.0 level. This implies that if Bitcoin observes a deep decline in the near future, $24,400 could be the level that can provide support to it, considering the pattern that has held during the last few years.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,500, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has seen some volatility recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now. Bitcoin STH MVRV Would Hit 1.0 If Price Declines To $24,400 According to this week’s edition of the Glassnode report, the 1.0 level of the Bitcoin STH MVRV has been a point of support for the market during uptrends in the past. The “STH” here refers to the\u00a0 “short-term holder group,” which is a Bitcoin cohort that includes all investors who have been holding onto their coins since less than 155 days ago. The “market value to realized value” (MVRV) is an indicator that measures the ratio between the Bitcoin market cap and its realized cap. The “realized cap” here is a BTC capitalization model that aims to find the “real” value of the asset by assuming that the value of each coin in circulation is not the current price, but the price at which it was last moved on the blockchain. Since the realized cap accounts for the price at which the investors bought (which is the price at which their coins last moved), its comparison with the market cap (that is, the current price) can tell us about the degree of profitability or loss among the overall market. When the MVRV is greater than 1, it means the average investor is holding an unrealized profit with their BTC right now. On the other hand, values below this threshold imply the market as a whole is holding some amount of unrealized loss currently. Now, the “STH MVRV,” the actual indicator of interest in the current discussion, naturally measures the value of the ratio specifically for the coins owned by the Bitcoin short-term holders. The below chart shows the trend in the 7-day average value of this metric over the last few years: The 7-day average value of the metric seems to have been above the 1.0 level in recent months | Source: Glassnode’s The Week Onchain – Week 18, 2023 In the graph, Glassnode has marked the lines of the 7-day average Bitcoin STH MVRV that have been relevant to the price of the cryptocurrency during the last few years. Related Reading: Ethereum Sees Inflows Of $505M Into Binance, Sign Of Selling? It looks like short-term corrections for the asset have generally become more probable when this indicator has crossed a value of 1.2. At this level, the STHs hold unrealized profits of 20%. The recent drawdown in the cryptocurrency’s price from the $30,000 mark also took place when the metric was above this level. To be more specific, the indicator had a value of 1.33 when the asset was rejected, implying that the STHs had 33% profits. The reason that high MVRV values of this cohort have usually made a decline more probable for the price is that the higher the amount of profits that the STHs hold, the more likely they become to sell and harvest their gains. From the chart, it’s visible that the on-chain analytics firm has also marked the relevance of the 1.0 level (that is, the threshold line between profit and loss) to the cryptocurrency. Interestingly, this level has generally provided support to the price during periods of uptrend. The likely explanation behind this trend is that the 1.0 level serves as the cost basis of the majority of the STHs in the market, so when the price hits this mark, these investors look at this point as a profitable zone to accumulate more of the asset. Obviously, this behavior is only seen during rallies, as holders would only find it worthful to buy more if they think the price has the potential to grow. Related Reading: Check Out This Shocking Pepe Coin Versus Bitcoin Comparison As the market is right now, the price would need to decline to $24,400 in order to hit this 1.0 level. This implies that if Bitcoin observes a deep decline in the near future, $24,400 could be the level that can provide support to it, considering the pattern that has held during the last few years. BTC Price At the time of writing, Bitcoin is trading around $28,500, down 1% in the last week. Looks like BTC has seen some volatility recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":529679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84723,84852,748,1119,1144],"class_list":["post-529633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mvrv","tag-bitcoin-short-term-holders","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why<\/title>\n<meta name=\"description\" content=\"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why\" \/>\n<meta property=\"og:description\" content=\"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-03T14:30:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:51:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keshav Verma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/keshavvarma29\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Keshav Verma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\"},\"author\":{\"name\":\"Keshav Verma\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6\"},\"headline\":\"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why\",\"datePublished\":\"2023-05-03T14:30:28+00:00\",\"dateModified\":\"2024-06-11T08:51:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\"},\"wordCount\":682,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\",\"keywords\":[\"bitcoin\",\"Bitcoin MVRV\",\"Bitcoin short-term holders\",\"bitcoin support\",\"btc\",\"btcusd\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\",\"url\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\",\"name\":\"$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\",\"datePublished\":\"2023-05-03T14:30:28+00:00\",\"dateModified\":\"2024-06-11T08:51:19+00:00\",\"description\":\"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.\",\"breadcrumb\":{\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage\",\"url\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\",\"contentUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\",\"width\":2560,\"height\":1707,\"caption\":\"Bitcoin\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/uniquehot.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/uniquehot.com\/#website\",\"url\":\"https:\/\/uniquehot.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/uniquehot.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/uniquehot.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/uniquehot.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6\",\"name\":\"Keshav Verma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"caption\":\"Keshav Verma\"},\"description\":\"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/uniquehot.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why","description":"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","og_locale":"en_US","og_type":"article","og_title":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why","og_description":"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.","og_url":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2023-05-03T14:30:28+00:00","article_modified_time":"2024-06-11T08:51:19+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","type":"image\/jpeg"}],"author":"Keshav Verma","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/keshavvarma29","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Keshav Verma","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#article","isPartOf":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/"},"author":{"name":"Keshav Verma","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6"},"headline":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why","datePublished":"2023-05-03T14:30:28+00:00","dateModified":"2024-06-11T08:51:19+00:00","mainEntityOfPage":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/"},"wordCount":682,"publisher":{"@id":"https:\/\/uniquehot.com\/#organization"},"image":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","keywords":["bitcoin","Bitcoin MVRV","Bitcoin short-term holders","bitcoin support","btc","btcusd"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/uniquehot.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","url":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","name":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here's Why","isPartOf":{"@id":"https:\/\/uniquehot.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage"},"image":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","datePublished":"2023-05-03T14:30:28+00:00","dateModified":"2024-06-11T08:51:19+00:00","description":"Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now.","breadcrumb":{"@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#primaryimage","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","contentUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","width":2560,"height":1707,"caption":"Bitcoin"},{"@type":"BreadcrumbList","@id":"https:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/uniquehot.com\/"},{"@type":"ListItem","position":2,"name":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why"}]},{"@type":"WebSite","@id":"https:\/\/uniquehot.com\/#website","url":"https:\/\/uniquehot.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/uniquehot.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/uniquehot.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/uniquehot.com\/#organization","name":"NewsBTC","url":"https:\/\/uniquehot.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6","name":"Keshav Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why","url":"http:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/24400-next-major-level-support-bitcoin-why\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mvrv","bitcoin short-term holders","bitcoin support","btc","btcusd"],"dateCreated":"2023-05-03T14:30:28Z","datePublished":"2023-05-03T14:30:28Z","dateModified":"2024-06-11T08:51:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$24,400 May Be Next Major Level Of Support For Bitcoin, Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/24400-next-major-level-support-bitcoin-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/24400-next-major-level-support-bitcoin-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mvrv\",\"bitcoin short-term holders\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-03T14:30:28Z\",\"datePublished\":\"2023-05-03T14:30:28Z\",\"dateModified\":\"2024-06-11T08:51:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/529633"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=529633"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/529633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/529679"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=529633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=529633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=529633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}