As of August 9, Bitcoin's price has shown signs of recovery, briefly touching $62,000 before retreating to $60,500. This comes after a recent low of $49,000, marking a significant V-shaped recovery.
Key data points:
Short-term holder (STH) whales have a cost basis of $64,000 to $65,000, suggesting this could be a major resistance level.
Bitcoin needs to maintain support at $57,500 to secure its upward trajectory.
Approximately 763,800 BTC were bought at the $62,785 to $63,598 range, indicating strong resistance in this area.
Liquidation heat maps show $46.63 million in ask orders between the current price and $62,000.
While long-term holders remain profitable with a realized price of $22,000, the market sentiment remains cautious as analysts predict potential further downside before new all-time highs.