{"id":590890,"date":"2024-03-01T16:00:36","date_gmt":"2024-03-01T16:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=590890"},"modified":"2024-06-11T07:18:54","modified_gmt":"2024-06-11T07:18:54","slug":"bitcoin-unbreachable-wall-support-60300","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-unbreachable-wall-support-60300\/","title":{"rendered":"Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So"},"content":{"rendered":"

On-chain data shows Bitcoin currently has a thick supply wall between the $60,300 and $62,155 levels that may prevent the asset from falling lower.<\/p>\n

A Large Amount Of Bitcoin Was Bought Near Current Prices<\/h2>\n

As explained by analyst Ali in a new post<\/a> on X, BTC has a major support wall just below it right now. In on-chain analysis<\/a>, the strength of support and resistance levels is gauged through the amount of Bitcoin that the investors bought at them.<\/p>\n

Related Reading: Bitcoin Volatility Induces $700 Million Carnage In Crypto Futures<\/a><\/div>\n

The chart below shows how the distribution of the investor cost basis has looked like for BTC across the price ranges near the current spot value:<\/p>\n

\"Bitcoin<\/p>\n

The amount of Bitcoin that the holders bought at the various price ranges | Source: @ali_charts on X<\/a><\/pre>\n
Here, the size of the dot represents the number of tokens that the addresses bought between the corresponding price levels. From the graph, it’s apparent that the $60,300 to $62,100 range has a particularly high density of coins right now.<\/p>\n
Most of the price levels in this range lie just below the current spot price of the cryptocurrency, meaning that the investors who bought here would be making some profit, albeit only a slight one.<\/p>\n
Generally, when the price retests the cost basis of such investors who were in profit prior to the retest (meaning that the price has approached their cost basis from above), a buying reaction may be produced by these addresses.<\/p>\n
This is because holders like these may have reason to believe that if they were able to get into profits before, they might be able to do so again in the near future, so they may just accumulate on this “dip.”<\/p>\n
Such a reaction can naturally provide support to the cryptocurrency. The scale of this support, however, is naturally not anything significant if only a few investors bought at the level to begin with. Narrow ranges that are thick with addresses, on the other hand, might just prove to be a source of noticeable support.<\/p>\n
In the aforementioned price range near the current spot price, one million addresses acquired a total of about 671,000 BTC. “This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for BTC, potentially cushioning against further drops,” notes the analyst.<\/p>\n
While the price ranges under the current price are heavy with coins, it’s visible in the chart that this isn’t the case for the ranges above. Just like how supply wallets below can be a source of support, they can instead act as resistance when above.<\/p>\n
Related Reading: Bitcoin MVRV Hits Levels That Led To Parabolic Bull Run In 2020<\/a><\/div>\n
The fact that the supply walls above are quite thin suggests that there wouldn’t be too many investors waiting to quickly exit at their break-even, and thus, selling pressure due to them should be low.<\/p>\n
That said, it doesn’t mean there isn’t any impedance at all. Bitcoin is approaching all-time highs at this point, meaning that the vast majority of the supply is in profit<\/a>. At these levels, mass selling for harvesting these gains can be the main challenge preventing the run from continuing.<\/p>\n
BTC Price<\/h2>\n
At present, Bitcoin is trading around the $62,000 level, meaning that it’s right on the edge of the major support wall.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the coin has been sharply going up recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin currently has a thick supply wall between the $60,300 and $62,155 levels that may prevent the asset from falling lower. A Large Amount Of Bitcoin Was Bought Near Current Prices As explained by analyst Ali in a new post on X, BTC has a major support wall just below it right now. In on-chain analysis, the strength of support and resistance levels is gauged through the amount of Bitcoin that the investors bought at them. Related Reading: Bitcoin Volatility Induces $700 Million Carnage In Crypto Futures The chart below shows how the distribution of the investor cost basis has looked like for BTC across the price ranges near the current spot value: The amount of Bitcoin that the holders bought at the various price ranges | Source: @ali_charts on X Here, the size of the dot represents the number of tokens that the addresses bought between the corresponding price levels. From the graph, it’s apparent that the $60,300 to $62,100 range has a particularly high density of coins right now. Most of the price levels in this range lie just below the current spot price of the cryptocurrency, meaning that the investors who bought here would be making some profit, albeit only a slight one. Generally, when the price retests the cost basis of such investors who were in profit prior to the retest (meaning that the price has approached their cost basis from above), a buying reaction may be produced by these addresses. This is because holders like these may have reason to believe that if they were able to get into profits before, they might be able to do so again in the near future, so they may just accumulate on this “dip.” Such a reaction can naturally provide support to the cryptocurrency. The scale of this support, however, is naturally not anything significant if only a few investors bought at the level to begin with. Narrow ranges that are thick with addresses, on the other hand, might just prove to be a source of noticeable support. In the aforementioned price range near the current spot price, one million addresses acquired a total of about 671,000 BTC. “This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for BTC, potentially cushioning against further drops,” notes the analyst. While the price ranges under the current price are heavy with coins, it’s visible in the chart that this isn’t the case for the ranges above. Just like how supply wallets below can be a source of support, they can instead act as resistance when above. Related Reading: Bitcoin MVRV Hits Levels That Led To Parabolic Bull Run In 2020 The fact that the supply walls above are quite thin suggests that there wouldn’t be too many investors waiting to quickly exit at their break-even, and thus, selling pressure due to them should be low. That said, it doesn’t mean there isn’t any impedance at all. Bitcoin is approaching all-time highs at this point, meaning that the vast majority of the supply is in profit. At these levels, mass selling for harvesting these gains can be the main challenge preventing the run from continuing. BTC Price At present, Bitcoin is trading around the $62,000 level, meaning that it’s right on the edge of the major support wall. Looks like the price of the coin has been sharply going up recently | Source: BTCUSD on TradingView Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":590909,"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":[428,87335,90902,679,91014,748,91770,1119,1144],"class_list":["post-590890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-on-chain-data","tag-bitcoin-on-chain-support","tag-bitcoin-price","tag-bitcoin-supply-wall","tag-bitcoin-support","tag-bitcoin-wall","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Safe From Drops Under $60,300? On-Chain Data Says So<\/title>\n<meta name=\"description\" content=\"Data shows Bitcoin currently has a thick supply wall between the $60,300 and $62,155 levels that may prevent the asset from falling below.\" \/>\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\/bitcoin-unbreachable-wall-support-60300\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Safe From Drops Under $60,300? 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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. 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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 Safe From Drops Under $60,300? 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