{"id":560574,"date":"2023-11-14T15:00:02","date_gmt":"2023-11-14T15:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=560574"},"modified":"2024-06-11T07:01:19","modified_gmt":"2024-06-11T07:01:19","slug":"bitcoin-plunge-30200-if-this-level-lost-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plunge-30200-if-this-level-lost-analyst\/","title":{"rendered":"Bitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst"},"content":{"rendered":"

On-chain data suggests the next major Bitcoin support level could be at $30,200 if the level pointed out by this analyst is lost.<\/p>\n

Bitcoin Currently Has Support Levels At $36,400 And $34,300<\/h2>\n

In a new post<\/a> on X, analyst Ali has discussed how the various support levels of BTC are looking like right now from an on-chain perspective. A level may be defined as support<\/a> based on the amount of Bitcoin that was bought by the investors at said level.<\/p>\n

Generally, whenever the price declines to the cost basis of an investor, they might become more likely to show some kind of move. Since the holder had last been in a state of profit, they might tend to believe that the asset would rise again in the future, if the prevailing trend is bullish in the market.<\/p>\n

Related Reading: Renowned Economist Warns Of Bitcoin Crash Before Spot ETF Approvals<\/a><\/div>\n

Thus, the investor could decide to buy more near their cost basis, thinking that it would turn out to be a profitable “dip” buy. Naturally, just a few traders showing this behavior won’t have any real effects on the price of the cryptocurrency. But if a large number of investors had bought around the same price level, the asset retesting at this level could produce a notable reaction in the market.<\/p>\n

Such buying that would emerge could provide support to the cryptocurrency. Now, to view these support levels, the analyst has cited the “UTXO Realized Price<\/a> Distribution” (URPD) metric from Glassnode, which tells us about the amount of supply that was last acquired at each of the price levels that the asset has visited in its history.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the current price levels are thick with coins | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the prices around $36,400 hold the cost basis of a notable amount of the supply. The asset has dipped under this mark during the past day, though, implying that the cryptocurrency may be beginning to lose this major support area.<\/p>\n
If the asset can’t reclaim this level, the next major support level would be present at $34,300. A decline towards this mark would suggest losses of more than 5% for the asset.<\/p>\n
This support level is thinner than the one the asset is retesting right now, however, meaning it’s possible that the level may not be able to stop the asset from declining even further.<\/p>\n
Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level<\/a><\/div>\n
Should this scenario play out, Bitcoin would next have support about 16% down from the current spot price of $30,200. From the chart, it’s visible that all of the price levels below this support area till $25,000 host the cost basis of a significant amount of investors, meaning that these levels should pose a potentially impenetrable wall for the asset.<\/p>\n
Thus, a decline to $30,200 is possible in the near term if the $34,300 level becomes lost, but it’s unlikely that Bitcoin would drop further than that.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had been hanging on at $37,000<\/a> recently, but it appears that the asset has finally slipped, as it’s now trading under $36,300.<\/p>\n
\"Bitcoin<\/p>\n
BTC has registered some decline during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data suggests the next major Bitcoin support level could be at $30,200 if the level pointed out by this analyst is lost. Bitcoin Currently Has Support Levels At $36,400 And $34,300 In a new post on X, analyst Ali has discussed how the various support levels of BTC are looking like right now from an on-chain perspective. A level may be defined as support based on the amount of Bitcoin that was bought by the investors at said level. Generally, whenever the price declines to the cost basis of an investor, they might become more likely to show some kind of move. Since the holder had last been in a state of profit, they might tend to believe that the asset would rise again in the future, if the prevailing trend is bullish in the market. Related Reading: Renowned Economist Warns Of Bitcoin Crash Before Spot ETF Approvals Thus, the investor could decide to buy more near their cost basis, thinking that it would turn out to be a profitable “dip” buy. Naturally, just a few traders showing this behavior won’t have any real effects on the price of the cryptocurrency. But if a large number of investors had bought around the same price level, the asset retesting at this level could produce a notable reaction in the market. Such buying that would emerge could provide support to the cryptocurrency. Now, to view these support levels, the analyst has cited the “UTXO Realized Price Distribution” (URPD) metric from Glassnode, which tells us about the amount of supply that was last acquired at each of the price levels that the asset has visited in its history. Looks like the current price levels are thick with coins | Source: @ali_charts on X As displayed in the above graph, the prices around $36,400 hold the cost basis of a notable amount of the supply. The asset has dipped under this mark during the past day, though, implying that the cryptocurrency may be beginning to lose this major support area. If the asset can’t reclaim this level, the next major support level would be present at $34,300. A decline towards this mark would suggest losses of more than 5% for the asset. This support level is thinner than the one the asset is retesting right now, however, meaning it’s possible that the level may not be able to stop the asset from declining even further. Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level Should this scenario play out, Bitcoin would next have support about 16% down from the current spot price of $30,200. From the chart, it’s visible that all of the price levels below this support area till $25,000 host the cost basis of a significant amount of investors, meaning that these levels should pose a potentially impenetrable wall for the asset. Thus, a decline to $30,200 is possible in the near term if the $34,300 level becomes lost, but it’s unlikely that Bitcoin would drop further than that. BTC Price Bitcoin had been hanging on at $37,000 recently, but it appears that the asset has finally slipped, as it’s now trading under $36,300. BTC has registered some decline during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":560595,"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":[428,461,87457,89987,1119,1144],"class_list":["post-560574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-plunge","tag-bitcoin-support-levels","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst<\/title>\n<meta name=\"description\" content=\"On-chain data suggests the next major Bitcoin support level could be at $30,200, if the level pointed out by this analyst is lost.\" 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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":"Bitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst","url":"http:\/\/wncen.com\/news\/bitcoin-plunge-30200-if-this-level-lost-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-plunge-30200-if-this-level-lost-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin plunge","bitcoin support levels","btc","btcusd"],"dateCreated":"2023-11-14T15:00:02Z","datePublished":"2023-11-14T15:00:02Z","dateModified":"2024-06-11T07:01:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunge-30200-if-this-level-lost-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunge-30200-if-this-level-lost-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin plunge\",\"bitcoin support levels\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-11-14T15:00:02Z\",\"datePublished\":\"2023-11-14T15:00:02Z\",\"dateModified\":\"2024-06-11T07:01:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560574"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=560574"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/560595"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=560574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=560574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=560574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}