BTC's price has shown an increase of 14% in the following week to hit above $67,000 after almost a month dropping down to hit $54,000 in the starting week of July. Analysts report have disclosed potential increment in bitcoin's price followed by the most anticipated Federal Reserve's interest rate cut in September.
Bitcoin seems on the verge of a massive breakout as it nears a crucial bull market trendline that broke in June last year. Bitcoin is trying to retest Short-Term Holder (STH) Realized Price which serves as one of the most critical sentiment indicators for understanding market directions.
Experts predict that BTC will successfully reclaim the STH realized price, which is a “positive sign,” indicating a possible accumulation phase among short-term holders in the upcoming months. Specially, since early 2023, BTC has reclaimed the STH realized price twice, each time followed by at least 30-35% gains.
As of now, at the time of writing this article, BTC is trading around $66,700 with a price growth of 4.5% over the past 24 hours and has a market capitalization $1.32 Trillion.