{"id":637253,"date":"2024-08-23T10:00:49","date_gmt":"2024-08-23T10:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=637253"},"modified":"2024-08-22T20:37:31","modified_gmt":"2024-08-22T20:37:31","slug":"bitcoin-support-resistance-zones-analyst-reveals","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-support-resistance-zones-analyst-reveals\/","title":{"rendered":"These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals"},"content":{"rendered":"

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency.<\/p>\n

A Large Number Of Investors Bought Bitcoin Inside These Zones<\/h2>\n

In a new post<\/a> on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC. In on-chain analysis<\/a>, the potential for any price level to behave in this manner lies in the amount of tokens purchased.<\/p>\n

Related Reading: Aave Forms Sell Signal That Led To 27% Average Correction Last 4 Times<\/a><\/div>\n

Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst, which shows how the price ranges near the current one look in terms of the number of coins that share their cost basis<\/a>.<\/p>\n

\"Bitcoin
It looks like a large number of investors bought between $59,100 and $61,000 | Source: @IT_Tech_PL on X<\/a><\/figcaption><\/figure>\n

In the graph, the size of the dot corresponds to the number of coins purchased at the price range. The dots of two ranges stand out: $59,160 to $60,973 and $64,670 to $66,483.<\/p>\n

Bitcoin had been just above the first of these ranges when the analyst made the post, but now the coin has dipped into it, meaning it’s retesting the zone.<\/p>\n

To any investor, their cost basis is naturally an important level, so they may be more likely to make some move when the cryptocurrency’s price retests it. When many holders share their cost basis inside the same narrow range, this reaction can emerge on a scale that can affect the market.<\/p>\n

Almost 1.7 million addresses purchased 965,239 BTC inside the $59,160 to $60,973 range, and after the pullback in the price, these holders would be sitting at their break-even.<\/p>\n

Generally, when the asset retests an investor’s cost basis from above, they are probably to react by buying more, as they could believe the asset would go up again to put them in profits.\u00a0The coin can naturally feel support when this reaction is produced on an appreciable scale<\/span>.<\/p>\n

As the range at hand is quite large, the analyst has called it the biggest support zone for Bitcoin. Since BTC is retesting it now, it remains to be seen whether investors would truly step in and buy the “dip.”<\/p>\n

If BTC feels support and finds a rebound, it will have to retest the resistance levels ahead. As mentioned before, the $64,670 to $66,483 range is host to the acquisition level of many coins.<\/p>\n

Related Reading: Bitcoin Investors Be Warned: Legendary MVRV Ratio About To Death Cross<\/a><\/div>\n

Holders at a loss may look forward to a retest of their cost basis to exit at their break-even and regain the entirety of their capital. So, large demand zones can provide resistance when Bitcoin retests them from below.<\/p>\n

The $64,670 to $66,483 range could prove a significant challenge for the cryptocurrency because of this.<\/p>\n

BTC Price<\/h2>\n

At the time of writing, Bitcoin is trading at around $60,200, up 1% over the past week.<\/p>\n

\"Bitcoin
The price of the coin appears to have been on the way up over the last few days | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC. In on-chain analysis, the potential for any price level to behave in this manner lies in the amount of tokens purchased. Related Reading: Aave Forms Sell Signal That Led To 27% Average Correction Last 4 Times Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst, which shows how the price ranges near the current one look in terms of the number of coins that share their cost basis. In the graph, the size of the dot corresponds to the number of coins purchased at the price range. The dots of two ranges stand out: $59,160 to $60,973 and $64,670 to $66,483. Bitcoin had been just above the first of these ranges when the analyst made the post, but now the coin has dipped into it, meaning it’s retesting the zone. To any investor, their cost basis is naturally an important level, so they may be more likely to make some move when the cryptocurrency’s price retests it. When many holders share their cost basis inside the same narrow range, this reaction can emerge on a scale that can affect the market. Almost 1.7 million addresses purchased 965,239 BTC inside the $59,160 to $60,973 range, and after the pullback in the price, these holders would be sitting at their break-even. Generally, when the asset retests an investor’s cost basis from above, they are probably to react by buying more, as they could believe the asset would go up again to put them in profits.\u00a0The coin can naturally feel support when this reaction is produced on an appreciable scale. As the range at hand is quite large, the analyst has called it the biggest support zone for Bitcoin. Since BTC is retesting it now, it remains to be seen whether investors would truly step in and buy the “dip.” If BTC feels support and finds a rebound, it will have to retest the resistance levels ahead. As mentioned before, the $64,670 to $66,483 range is host to the acquisition level of many coins. Related Reading: Bitcoin Investors Be Warned: Legendary MVRV Ratio About To Death Cross Holders at a loss may look forward to a retest of their cost basis to exit at their break-even and regain the entirety of their capital. So, large demand zones can provide resistance when Bitcoin retests them from below. The $64,670 to $66,483 range could prove a significant challenge for the cryptocurrency because of this. BTC Price At the time of writing, Bitcoin is trading at around $60,200, up 1% over the past week. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":637297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,87431,91476,717,748,1119,1144],"class_list":["post-637253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-cost-basis","tag-bitcoin-key-levels","tag-bitcoin-resistance","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThese Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals<\/title>\n<meta name=\"description\" content=\"An analyst has revealed the Bitcoin price zones that could end up acting as major support and resistance centers for the cryptocurrency.\" \/>\n<meta name=\"robots\" content=\"index, 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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":"These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-support-resistance-zones-analyst-reveals\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-support-resistance-zones-analyst-reveals\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/btc_e404f4.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/btc_e404f4.png?fit=1792%2C1024"},"articleSection":"Bitcoin 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 cost-basis","bitcoin key levels","bitcoin resistance","bitcoin support","btc","btcusd"],"dateCreated":"2024-08-23T10:00:49Z","datePublished":"2024-08-23T10:00:49Z","dateModified":"2024-08-23T10:00:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-support-resistance-zones-analyst-reveals\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-support-resistance-zones-analyst-reveals\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_e404f4.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_e404f4.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin 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 cost-basis\",\"bitcoin key levels\",\"bitcoin resistance\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-08-23T10:00:49Z\",\"datePublished\":\"2024-08-23T10:00:49Z\",\"dateModified\":\"2024-08-23T10:00:49Z\"}<\/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\/08\/btc_e404f4.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/637253"}],"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=637253"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/637253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/637297"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=637253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=637253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=637253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}