Bitcoin Faces Crucial Support Test at $63,800
Bitcoin's decline has led to increased losses among recent buyers and put several key support levels under pressure. The short-term holder market capitalization fell to $236.2 billion, approaching its lowest level since mid-2024.
According to CryptoQuant data, the metric dropped below a significant 2024 benchmark for only the second time in the displayed period. Net realized losses deepened as recent buyers sold below their acquisition prices throughout Bitcoin's market decline.
The contraction to $236.2 billion places the short-term holder segment near a level last seen around mid-2024, reflecting a smaller market value for coins controlled by investors with relatively recent entry points.
As losses accumulated, technical support became increasingly important. Ali Charts identified $63,800 as the immediate decision level on the four-hour chart, while Titan's Ichimoku analysis reinforced the pressure, shifting attention toward the Kijun near $62,400.