Originally published on: July 18, 2024
**Bitcoin Faces Crucial Test on Bull Market Trendline**
Bitcoin’s recent price action is witnessing a critical battle on a key bull market trendline that it briefly lost in June, marking the first time in nearly a year.
**Significance of Short-Term Holder (STH) Activity**
As per data from CryptoQuant, the Short-Term Holder (STH) realized price is being retested by Bitcoin, a metric that holds significance during bull markets. The STH activity often serves as long-term price support, with the current scenario indicating a potential for gains.
**Reclaimed Realized Price Indicates Profit Potential**
In an analysis, CryptoQuant contributor J. A. Maartunn highlighted that Bitcoin has successfully reclaimed the STH Realized Price, a move that has historically resulted in significant profits, with gains exceeding 30%.
**Market Outlook and Potential Upside**
Despite recent fluctuations, the focus remains on the key level around $65,000, which bulls aim to turn into a strong support zone. Analysts like Aksel Kibar express optimism about Bitcoin’s resilience around this crucial level, emphasizing the potential for upside continuation.
**Technical Analysis and Cautionary Notes**
To achieve new all-time highs, Bitcoin needs to surpass key Fibonacci retracement levels, as pointed out by popular crypto trader J. Integrating a word of caution, J. highlighted the significance of volume trends in the current market scenario, urging vigilance among traders.
**Conclusion**
This article serves as a valuable market update and does not provide investment advice. It is essential for readers to conduct thorough research and analysis before making any trading or investment decisions to mitigate risks effectively.
**Related Reading:** [BTC price all-time high in July? 5 things to know in Bitcoin this week]
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