Bitcoin has dipped below $100,000, with a potential key support level identified as the Short-Term Holders Realized Price.
The Short-Term Holders Realized Price, just below $99,000, reflects the average acquisition price of BTC acquired within the last 155 days.
This metric often serves as a strong support level during market corrections, attracting buying pressure from newer market participants or new buyers.
The recent volatility in Bitcoin's price, dropping from highs above $110,000 to sub-$99,000, adds significance to the current test of this support level.
A bounce from the Short-Term Holders Realized Price could indicate potential stabilization, while a sustained break below may lead to deeper price corrections.
With heightened geopolitical tensions and risk-off sentiment, market observers are closely watching this on-chain metric for insights into Bitcoin's price movement.