Here's Where Next Bitcoin Resistance Lies, From An On-Chain Perspective
NewsBTC
19 Sep 2023 6:00 PM
Here's where the next major resistance to clear for Bitcoin could lie, from the perspective of on-chain analysis....
- On-chain analysis can help determine major resistance levels for Bitcoin.
- Resistance levels are regions where many investors have their cost basis present.
- The $25,853 to $29,662 range is a particularly thick cost basis range with over 1.77 million addresses.
- The $27,200 to $28,000 range has fewer investors, while the $28,000 to $28,853 range has even fewer.
- Investor cost basis can act as resistance on retests from below but can also support when being touched from above.
- Strong support levels below the current price may have contributed to Bitcoin's rebound from $26,600.
The article provides a neutral analysis of Bitcoin's resistance levels based on on-chain data. It explains the concept of resistance and how investor cost basis can impact price movements.
You May Ask
What is the significance of on-chain analysis in determining Bitcoin's resistance levels?How does investor cost basis affect resistance levels?Which price range has the highest concentration of investor cost basis?How do support levels below the current price impact Bitcoin's price movements?What is the current price of Bitcoin and its recent performance?