An analyst has pointed out two demand zones that could be important for Bitcoin. Here’s what could be next for BTC based on these supply walls.
Bitcoin On-Chain Support And Resistance Levels Could Provide Hints For What’s Next
As explained by analyst Ali in a new post on X, Bitcoin has recently been floating between two major supply walls of the asset. “Supply wall” refers to the amount of Bitcoin that addresses acquired in any given price range.
The chart below shows what the different supply walls look like for BTC for the ranges around the current spot price of the cryptocurrency.
In the above graph, the size of the dot represents the number of coins the investors bought inside the corresponding range. It would appear that the $41,200 to $42,400 and $42,400 to $43,700 ranges are notably heavy with supply.
To be more particular, the former range saw 1.92 million addresses buy a total of 723,490 BTC, while the latter witnessed an accumulation of 706,400 BTC from 1.67 million
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