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Bitcoin has moved back above its 50-day moving average and the average cost basis of short-term holders, two key indicators used to gauge the market’s near-term direction, Crypto Briefing reported.
According to the outlet, when BTC trades above both levels, investors who recently bought Bitcoin tend to move back into profit, easing fear-driven selling pressure and increasing the likelihood of further gains. It added that when BTC falls below the short-term holder cost basis, losses among short-term investors tend to deepen and raise the risk of panic selling, while a move above that level tends to support continued holding or additional buying. Crypto Briefing said a similar pattern appeared in May, when BTC rose after breaking above the short-term holder average entry price of around $79,000.