Bitcoin Will Be Set For New ATHs If It Breaks This Resistance: Analyst

Bitcoin Will Be Set For New ATHs If It Breaks This Resistance: Analyst


An analyst has explained how Bitcoin could be positioned for new all-time highs (ATHs) if it can break through this on-chain resistance level.

Bitcoin On-Chain Data Could Suggest This Level Holds Major Resistance

In a new post on X, analyst Ali discussed Bitcoin’s current on-chain resistance. In on-chain analysis, the strength of support and resistance levels is based on the total amount of cryptocurrency last acquired at each level.

Trending: Cause of 30-Year-Old Golfer Grayson Murray’s Tragic Death Has Been Revealed – ‘It’s a Nightmare’

Below is a chart for Glassnode’s UTXO Realized Price Distribution (URPD) metric, which shows the supply distribution across the various price levels based on where the investors bought their coins.

From the graph, it’s visible that in terms of the levels currently ahead of the spot price, the $66,250 mark stands out as it hosts

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!