Ramazan Eles 
Bitcoin’s price has recently surged, driven by a combination of factors including the Federal Reserve’s latest policy statement and speculations surrounding the US presidential election.
The Federal Reserve’s minutes from its July meeting hinted at a potential interest rate cut in the near future, even though rates remain at their highest level in 23 years. This dovish stance from the Fed has boosted investor sentiment towards riskier assets like Bitcoin.
Furthermore, rumors of Robert F. Kennedy Jr. dropping out of the presidential race to endorse Donald Trump have added fuel to Bitcoin’s rally. According to CoinGecko, BTC has gained 3.2% in the past 24 hours, surpassing the $61,200 mark.
A recent analysis from blockchain analytics platform CryptoQuant suggests that short-term holders could play a pivotal role in Bitcoin’s price trajectory.
The data reveals that the average cost basis for Bitcoin purchased within the last one to three months is $64,206, while for those purchased between three and six months ago, it’s $65,898.
A CryptoQuant analyst commented, “These figures indicate that the $64,000 – $66,000 zone is a significant resistance level for Bitcoin. If the price manages to break above this level, short-term holders will start realizing profits. This could trigger a positive feedback loop, with successful investors sharing their experiences and attracting new entrants to the market.”
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