{"id":425353,"date":"2024-09-20T12:30:41","date_gmt":"2024-09-20T07:00:41","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=425353"},"modified":"2024-09-20T12:03:18","modified_gmt":"2024-09-20T06:33:18","slug":"btc-nears-64k-but-can-btc-avoid-a-drop-to-55k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/btc-nears-64k-but-can-btc-avoid-a-drop-to-55k\/","title":{"rendered":"Bitcoin nears $64K, but can BTC avoid a drop to $55K?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC bulls have managed to leverage the earlier dip to test the $61K ceiling.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The critical task now is to maintain $64K; missing this level could lead to a likely retracement.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC] <\/a>is nearing its late-August high of $64K. Until it breaks this resistance, the breakout potential remains uncertain, as underlying factors could disrupt momentum, delaying a breakout if conditions falter.<\/p>\n<h2><b>Bitcoin market is realizing profit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A year ago, Bitcoin participants were experiencing losses, as indicated by a net RPL ratio nearing zero. Put simply, the amount of BTC being sold at a loss was high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This typically occurs during times of high volatility, when stakeholders lose confidence in the trend reversing.<\/span><\/p>\n<figure id=\"attachment_425355\" aria-describedby=\"caption-attachment-425355\" style=\"width: 1325px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800.png\"><img decoding=\"async\" class=\"wp-image-425355 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800.png\" alt=\"Bitcoin ratio\" width=\"1325\" height=\"712\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800.png 1325w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-175800-1200x645.png 1200w\" sizes=\"(max-width: 1325px) 100vw, 1325px\" \/><\/a><figcaption id=\"caption-attachment-425355\" class=\"wp-caption-text\">Source : BGeometrics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A year later, the BTC market is now realizing substantial profits, encouraging stakeholders to hold for future gains. The Fed rate cut has certainly fueled this trend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the market remains in a neutral phase. A significant push could turn the net RPL ratio green, potentially signaling a market top, according to AMBCrypto.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In summary, the market hasn&#8217;t peaked yet, indicating a bullish outlook and potential for future growth. <\/span><span style=\"font-weight: 400;\">The key question is whether bulls will capitalize on this trend or retreat for smaller gains.<\/span><\/p>\n<h2><b>LTHs capitalize on BTC price bottom<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Historically, sharp declines in the BTC supply held for over 155 days often signal market tops, as holders sell for profit, leading to price drops.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The last instance occurred at $71K, where BTC&#8217;s retrace below $55K saw a surge in supply volume, indicating long-term holders bought the dip.<\/span><\/p>\n<figure id=\"attachment_425357\" aria-describedby=\"caption-attachment-425357\" style=\"width: 1495px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply.png\"><img decoding=\"async\" class=\"wp-image-425357 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply.png\" alt=\"LTH supply count\" width=\"1495\" height=\"1087\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply.png 1495w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply-300x218.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply-1024x745.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply-768x558.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BM-Pro-LTH-Supply-1200x873.png 1200w\" sizes=\"(max-width: 1495px) 100vw, 1495px\" \/><\/a><figcaption id=\"caption-attachment-425357\" class=\"wp-caption-text\">Source : Bitcoin Magazine Pro<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This added to the <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/1836676098048094591\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">optimism<\/span><\/a><span style=\"font-weight: 400;\">, that large holders view $64K as a price bottom, accumulating for future gains and targeting the next resistance around $70K.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, the rate cut has complemented this strategy, enhancing the likelihood of a rebound and reinforcing confidence in holding the asset. However,<\/span><\/p>\n<h2><b>Caution is advised<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It is no surprise, BTC is vulnerable to swings in the perpetual market. Currently, longs dominate speculative trading, with institutions refraining from shorting Bitcoin.<\/span><\/p>\n<figure id=\"attachment_425356\" aria-describedby=\"caption-attachment-425356\" style=\"width: 1717px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634.png\"><img decoding=\"async\" class=\"wp-image-425356 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634.png\" alt=\"BTC Long\/short ratio\" width=\"1717\" height=\"443\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634.png 1717w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634-1024x264.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634-768x198.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634-1536x396.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-19-191634-1200x310.png 1200w\" sizes=\"(max-width: 1717px) 100vw, 1717px\" \/><\/a><figcaption id=\"caption-attachment-425356\" class=\"wp-caption-text\">Source : Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A similar pattern emerged at the start of the last August week, with longs outpacing shorts for three days, creating conditions ripe for a short squeeze.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Yet, BTC then plummeted from $64K to below $55K the next day, as shorts regained dominance. <\/span><span style=\"font-weight: 400;\">Overall, to avoid repeating this scenario, holding $64K is crucial. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While current charts favor the bulls, caution is advised. Otherwise, a<\/span><span style=\"font-weight: 400;\">\u00a0retracement to $55K remains a possibility if bears regain control.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Bitcoin breakout appears imminent, but a shift in sentiment could trigger a retracement instead.<\/p>\n","protected":false},"author":113,"featured_media":425361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-425353","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin nears $64K, but can BTC avoid a drop to $55K? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"BTC is trending bullishly, surging past $62K. 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Yet, for an outright breakout few conditions need to align. 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