TON, PEPE, KAS, and JASMY could attract buying if bears fail to pin Bitcoin below $64,602.
Bitcoin (BTC) extended its decline by more than 3% this week as bears maintained their selling pressure. Although the price dipped below the short-term holder realized price (STH-RP) of $64,230, the bears could not deepen the correction. This suggests that the bulls are trying to defend the STH-RP, the aggregate cost basis of Bitcoin holders — wallets storing Bitcoin for 155 days or less.
According to Farside Investors data, Bitcoin’s weakness has resulted in sustained outflows from the spot Bitcoin exchange-traded funds since June 13. This suggests that Bitcoin investors are nervous about the near-term prospects.
Independent analyst Willy Woo said in a post on X that Bitcoin’s recovery is likely to start after the “weak miners die” and the hashrate recovers. In 2020, the hashrate recovered in 8 days; in 2017, the recovery took 24 days. Woo added that miner capitulation is taking a lot of time post-halving this year, possibly due to “ordinal inscriptions boosting profits.”