On-chain data shows the next major Bitcoin demand zone is around $56,000, a level BTC might end up revisiting if the decline continues.
Bitcoin Has Next Major On-Chain Support Around $56,000
According to data from the market intelligence platform IntoTheBlock, BTC’s recent drawdown has meant that it may end up having to rely on the price range around $56,000 for support.
In on-chain analysis, a level’s potential as support or resistance is based on the total number of coins that the investors last acquired there. Below is a chart that shows what the various price ranges around the current spot price of the cryptocurrency look like in terms of this cost-basis distribution.
In the graph, the size of the dot represents the amount of Bitcoin that was purchased inside the corresponding price range. It would appear that the $63,000 to $64,890 level is currently thick with investors. To be more particular, 1 million investors acquired 530,000 BTC inside this range.
Generally
We współpracy z: https://www.newsbtc.com/bitcoin-news/bitcoin-major-demand-56000-brace-impact/
