Bitcoin’s price finally moved to the upside, surging by 8.3% in the past seven days, this is coming after a prolonged period of consolidation within a tight range. A huge percentage of this pump came over the last 48 hours, BTC is currently sitting right below $21K.

The entire cryptocurrency market responded and followed suit bringing its total capitalization to a recovery of over $1 trillion. However, here are two things to look out for in the coming days.

On the 6th of October, it was reported by CryptoPotato that Bitcoin whales have been buying BTC at an average price of $15,800 since January 2017.

Now, another very important metric has been brought up by an analyst from CryptoQuant – BTC’s realized price (RP). Which is simply the average buying price of all bitcoins.

Bitcoin has always traded below its RP in all bear markets. And whenever it manages to break above it, the reaction of price below that level can be treated as a deviation, implying that there’s further room for growth.

At the moment, Bitcoin’s realized price is sitting at slightly above $21K and is very close to the current price. It’s important to note how the cryptocurrency will react once it reaches this level.

Another metric to be put into consideration is The Short-Term Holder Output Profit Ratio (STH-SOPR) which is the ratio of spent outputs that have been alive for more than one hour and less than 155 days in profit during the time window.

The basic rule of thumb is explained below:

• If the STH-SOPR is greater than 1, it implies that the coins moved are selling at a profit, on average.
• If the STH-SOPR is equal to 1, it implies that coins moved are selling at break even.
• If the STH-SOPR is less than 1, it implies that the coins moved are selling at a loss.

As of the time of this writing, the value is slightly below 1, which means that this level will likely act as a resistance to the price moving above it.

Featured Image Source: masterthecrypto.com