{"id":556779,"date":"2023-10-24T15:00:23","date_gmt":"2023-10-24T15:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=556779"},"modified":"2024-06-11T07:06:24","modified_gmt":"2024-06-11T07:06:24","slug":"all-clear-40000-bitcoin-little-on-chain-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/all-clear-40000-bitcoin-little-on-chain-resistance\/","title":{"rendered":"All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead"},"content":{"rendered":"

Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead.<\/p>\n

Bitcoin Levels Ahead Are Thin With Addresses Right Now<\/h2>\n

According to data from the market intelligence platform IntoTheBlock<\/a>, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis<\/a>, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not.<\/p>\n

The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis<\/a> (that is, their acquisition price). Whether they react by selling or buying could depend on which side the price is retesting their cost basis from.<\/p>\n

When the spot value retests an investor’s cost basis from below, that is, when said investor had been in loss previously, the holder may react by selling their coins. This is because they might fear that Bitcoin would go down again, so exiting at break-even would sound like the ideal option.<\/p>\n

Related Reading: Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon?<\/a><\/div>\n

On the other hand, the opposite type of retest may lead to the investor accumulating more, as they may think that since these same price levels turned out to be profitable earlier, they would do so again in the future.<\/p>\n

Such buying and selling are insignificant on smaller scales, but if a large number of investors have their cost basis inside a particular price range, then the range could act as support or resistance for the asset.<\/p>\n

Now, here is a chart that shows how the different Bitcoin price ranges look like on the basis of the concentration of investors who bought at them:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the ranges ahead aren't that thick | Source: IntoTheBlock<\/a><\/pre>\n
As displayed above, the price ranges after the current one doesn’t host the cost basis of that many investors. This implies that these prices shouldn’t offer too much resistance to the cryptocurrency, should a retest of them happen.<\/p>\n
The range that’s thickest with investors currently is the one above $38,200, meaning that it would potentially be the trickiest to clear on the way to $40,000. This range, too, however, isn’t that much in terms of investor concentration when compared to the price levels Bitcoin has already cleared.<\/p>\n
From the graph, it’s visible that the levels under $31,000 are especially rich with addresses. Thus, if the cryptocurrency observes a retrace towards them, it should potentially find some strong support.<\/p>\n
IntoTheBlock also notes that with the latest rally<\/a>, about 80% of the investors have now come into a state of profit, which is the highest level that the metric has seen since the bull market peak back in 2021.<\/p>\n
Related Reading: Dogecoin Price Prediction \u2013 DOGE Could Soon Pump 20% Like Bitcoin<\/a><\/div>\n
It now remains to be seen if Bitcoin can keep up this rally and build up towards the $40,000 level, as at least on-chain data suggests such a move shouldn’t be too hard.<\/p>\n
BTC Price<\/h2>\n
Bitcoin is up more than 12% within the past day alone as the asset is currently floating around the $34,400 level.<\/p>\n
\"Bitcoin<\/p>\n
BTC has enjoyed some sharp bullish momentum during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead. Bitcoin Levels Ahead Are Thin With Addresses Right Now According to data from the market intelligence platform IntoTheBlock, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not. The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis (that is, their acquisition price). Whether they react by selling or buying could depend on which side the price is retesting their cost basis from. When the spot value retests an investor’s cost basis from below, that is, when said investor had been in loss previously, the holder may react by selling their coins. This is because they might fear that Bitcoin would go down again, so exiting at break-even would sound like the ideal option. Related Reading: Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon? On the other hand, the opposite type of retest may lead to the investor accumulating more, as they may think that since these same price levels turned out to be profitable earlier, they would do so again in the future. Such buying and selling are insignificant on smaller scales, but if a large number of investors have their cost basis inside a particular price range, then the range could act as support or resistance for the asset. Now, here is a chart that shows how the different Bitcoin price ranges look like on the basis of the concentration of investors who bought at them: Looks like the ranges ahead aren’t that thick | Source: IntoTheBlock As displayed above, the price ranges after the current one doesn’t host the cost basis of that many investors. This implies that these prices shouldn’t offer too much resistance to the cryptocurrency, should a retest of them happen. The range that’s thickest with investors currently is the one above $38,200, meaning that it would potentially be the trickiest to clear on the way to $40,000. This range, too, however, isn’t that much in terms of investor concentration when compared to the price levels Bitcoin has already cleared. From the graph, it’s visible that the levels under $31,000 are especially rich with addresses. Thus, if the cryptocurrency observes a retrace towards them, it should potentially find some strong support. IntoTheBlock also notes that with the latest rally, about 80% of the investors have now come into a state of profit, which is the highest level that the metric has seen since the bull market peak back in 2021. Related Reading: Dogecoin Price Prediction \u2013 DOGE Could Soon Pump 20% Like Bitcoin It now remains to be seen if Bitcoin can keep up this rally and build up towards the $40,000 level, as at least on-chain data suggests such a move shouldn’t be too hard. BTC Price Bitcoin is up more than 12% within the past day alone as the asset is currently floating around the $34,400 level. BTC has enjoyed some sharp bullish momentum during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":556798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,717,1119,1144],"class_list":["post-556779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-bitcoin-resistance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nAll Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead<\/title>\n<meta name=\"description\" content=\"Bitcoin might have an easy path towards the $40,000 mark as on-chain data suggests there isn't much resistance ahead.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/all-clear-40000-bitcoin-little-on-chain-resistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All Clear For $40,000? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"All Clear For $40,000? 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