Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So
2024年3月2日 - 1:00AM
NEWSBTC
On-chain data shows Bitcoin currently has a thick supply wall
between the $60,300 and $62,155 levels that may prevent the asset
from falling lower. A Large Amount Of Bitcoin Was Bought Near
Current Prices As explained by analyst Ali in a new post on X, BTC
has a major support wall just below it right now. In on-chain
analysis, the strength of support and resistance levels is gauged
through the amount of Bitcoin that the investors bought at them.
Related Reading: Bitcoin Volatility Induces $700 Million Carnage In
Crypto Futures The chart below shows how the distribution of the
investor cost basis has looked like for BTC across the price ranges
near the current spot value: The amount of Bitcoin that the holders
bought at the various price ranges | Source: @ali_charts on X Here,
the size of the dot represents the number of tokens that the
addresses bought between the corresponding price levels. From the
graph, it’s apparent that the $60,300 to $62,100 range has a
particularly high density of coins right now. Most of the price
levels in this range lie just below the current spot price of the
cryptocurrency, meaning that the investors who bought here would be
making some profit, albeit only a slight one. Generally, when the
price retests the cost basis of such investors who were in profit
prior to the retest (meaning that the price has approached their
cost basis from above), a buying reaction may be produced by these
addresses. This is because holders like these may have reason to
believe that if they were able to get into profits before, they
might be able to do so again in the near future, so they may just
accumulate on this “dip.” Such a reaction can naturally provide
support to the cryptocurrency. The scale of this support, however,
is naturally not anything significant if only a few investors
bought at the level to begin with. Narrow ranges that are thick
with addresses, on the other hand, might just prove to be a source
of noticeable support. In the aforementioned price range near the
current spot price, one million addresses acquired a total of about
671,000 BTC. “This accumulation zone highlights strong investor
confidence and could serve as a crucial level of support for BTC,
potentially cushioning against further drops,” notes the analyst.
While the price ranges under the current price are heavy with
coins, it’s visible in the chart that this isn’t the case for the
ranges above. Just like how supply wallets below can be a source of
support, they can instead act as resistance when above. Related
Reading: Bitcoin MVRV Hits Levels That Led To Parabolic Bull Run In
2020 The fact that the supply walls above are quite thin suggests
that there wouldn’t be too many investors waiting to quickly exit
at their break-even, and thus, selling pressure due to them should
be low. That said, it doesn’t mean there isn’t any impedance at
all. Bitcoin is approaching all-time highs at this point, meaning
that the vast majority of the supply is in profit. At these levels,
mass selling for harvesting these gains can be the main challenge
preventing the run from continuing. BTC Price At present, Bitcoin
is trading around the $62,000 level, meaning that it’s right on the
edge of the major support wall. Looks like the price of the coin
has been sharply going up recently | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, IntoTheBlock.com, chart from
TradingView.com
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