{"id":568521,"date":"2024-01-08T17:00:28","date_gmt":"2024-01-08T17:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=568521"},"modified":"2024-06-11T08:01:24","modified_gmt":"2024-06-11T08:01:24","slug":"analyst-expect-decline-30220-bitcoin-loses-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-expect-decline-30220-bitcoin-loses-support\/","title":{"rendered":"Analyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support"},"content":{"rendered":"

An analyst has explained how a decline to $30,220 or below could happen for Bitcoin if the strong support range below the current price gets lost.<\/p>\n

Bitcoin Has Strong Support Between $42,560 And $43,245 Right Now<\/h2>\n

In a new post<\/a> on X, analyst Ali has discussed how Bitcoin is floating above a strong on-chain support wall currently. In on-chain analysis, the potential of any price level to act as support or resistance lies in the amount of Bitcoin that was last purchased at said level.<\/p>\n

This is because the investors naturally treat their cost basis<\/a> or acquisition price in a special way and are thus more prone to make moves when the spot price retests it.<\/p>\n

Related Reading: Bitcoin \u201cOutlook Remains Bullish,\u201d As Long As This Stays True: Analyst<\/a><\/div>\n

Such a reaction from the investors isn’t relevant when only a few of them share their cost basis at a particular level, but if the level observed a large amount of buying, its retest could indeed end up imparting some effects on the price. This is why the strength of any support or resistance level lies in the density of coins that were acquired at the level.<\/p>\n

Now, to see the various price ranges in terms of the Bitcoin acquired at them, Ali has cited the “UTXO Realized Price<\/a> Distribution” (URPD) from the on-chain analytics firm Glassnode.<\/p>\n

This metric prices coins (or more precisely, UTXOs<\/a>) based on the value at which they were last transferred on the BTC blockchain. Now, here is a chart that shows how this distribution is looking for the asset at the moment:<\/p>\n

\"Bitcoin<\/p>\n

The distribution of the different UTXOs based on their realized price | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the price levels between $42,560 and $43,245 hold the cost basis of a large amount of UTXOs. To be more specific, this range saw the investors acquire a total of 1.11 million BTC.<\/p>\n
At present, Bitcoin is a decent distance above this range. This means that the holders who have their cost basis inside it would be in profit right now.<\/p>\n
Usually, such holders are more likely to accumulate further when the price retests their cost basis, as they would feel confident that the same level could prove profitable again in the future.<\/p>\n
Due to this reason, the retest of a major supply block from above can end up with the cryptocurrency feeling some support. Since the $42,650 to $43,245 range is quite heavy with investors currently, BTC should have a strong support base to fall back on, should things go wrong.<\/p>\n
“If Bitcoin can hold above this level, there is not much significant resistance ahead that will prevent it from advancing further,” explains the analyst. This is because there aren’t any large supply blocks at the upcoming ranges.<\/p>\n
Related Reading: Ethereum Mega Whales Continue To Buy: Do They Know Something You Don\u2019t?<\/a><\/div>\n
Investors in losses (which those with cost basis at the prices ahead would be) can be desperate to exit at their break-even, so a retest of their cost basis can provide resistance. As such, BTC has no major resistance ahead.<\/p>\n
“But if $42,560-$43,245 fails to hold, expect a downswing to the next critical area of interest between $26,770 and $30,220,” warns Ali. From the current spot price, a drop to the upper end of this range, $30,220, would mean a drawdown of more than 32% for Bitcoin.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has observed a strong surge during the past day and is now challenging the $45,000 level once more.<\/p>\n
\"Bitcoin<\/p>\n
The price of the asset appears to have shot up over 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":"
An analyst has explained how a decline to $30,220 or below could happen for Bitcoin if the strong support range below the current price gets lost. Bitcoin Has Strong Support Between $42,560 And $43,245 Right Now In a new post on X, analyst Ali has discussed how Bitcoin is floating above a strong on-chain support wall currently. In on-chain analysis, the potential of any price level to act as support or resistance lies in the amount of Bitcoin that was last purchased at said level. This is because the investors naturally treat their cost basis or acquisition price in a special way and are thus more prone to make moves when the spot price retests it. Related Reading: Bitcoin \u201cOutlook Remains Bullish,\u201d As Long As This Stays True: Analyst Such a reaction from the investors isn’t relevant when only a few of them share their cost basis at a particular level, but if the level observed a large amount of buying, its retest could indeed end up imparting some effects on the price. This is why the strength of any support or resistance level lies in the density of coins that were acquired at the level. Now, to see the various price ranges in terms of the Bitcoin acquired at them, Ali has cited the “UTXO Realized Price Distribution” (URPD) from the on-chain analytics firm Glassnode. This metric prices coins (or more precisely, UTXOs) based on the value at which they were last transferred on the BTC blockchain. Now, here is a chart that shows how this distribution is looking for the asset at the moment: The distribution of the different UTXOs based on their realized price | Source: @ali_charts on X As displayed in the above graph, the price levels between $42,560 and $43,245 hold the cost basis of a large amount of UTXOs. To be more specific, this range saw the investors acquire a total of 1.11 million BTC. At present, Bitcoin is a decent distance above this range. This means that the holders who have their cost basis inside it would be in profit right now. Usually, such holders are more likely to accumulate further when the price retests their cost basis, as they would feel confident that the same level could prove profitable again in the future. Due to this reason, the retest of a major supply block from above can end up with the cryptocurrency feeling some support. Since the $42,650 to $43,245 range is quite heavy with investors currently, BTC should have a strong support base to fall back on, should things go wrong. “If Bitcoin can hold above this level, there is not much significant resistance ahead that will prevent it from advancing further,” explains the analyst. This is because there aren’t any large supply blocks at the upcoming ranges. Related Reading: Ethereum Mega Whales Continue To Buy: Do They Know Something You Don\u2019t? Investors in losses (which those with cost basis at the prices ahead would be) can be desperate to exit at their break-even, so a retest of their cost basis can provide resistance. As such, BTC has no major resistance ahead. “But if $42,560-$43,245 fails to hold, expect a downswing to the next critical area of interest between $26,770 and $30,220,” warns Ali. From the current spot price, a drop to the upper end of this range, $30,220, would mean a drawdown of more than 32% for Bitcoin. BTC Price Bitcoin has observed a strong surge during the past day and is now challenging the $45,000 level once more. The price of the asset appears to have shot up over 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":568585,"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":[428,512,89831,748,1119,1144],"class_list":["post-568521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-decline","tag-bitcoin-drawdown","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nAnalyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support<\/title>\n<meta name=\"description\" content=\"An analyst has explained how a decline to $30,220 or below could happen for Bitcoin if the support range below the current 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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":"Analyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support","url":"http:\/\/wncen.com\/news\/analyst-expect-decline-30220-bitcoin-loses-support\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyst-expect-decline-30220-bitcoin-loses-support\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/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 decline","bitcoin drawdown","bitcoin support","btc","btcusd"],"dateCreated":"2024-01-08T17:00:28Z","datePublished":"2024-01-08T17:00:28Z","dateModified":"2024-06-11T08:01:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-expect-decline-30220-bitcoin-loses-support\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-expect-decline-30220-bitcoin-loses-support\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/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 decline\",\"bitcoin drawdown\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-01-08T17:00:28Z\",\"datePublished\":\"2024-01-08T17:00:28Z\",\"dateModified\":\"2024-06-11T08:01:24Z\"}<\/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\/2024\/01\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568521"}],"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=568521"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/568585"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=568521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=568521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=568521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}