{"id":637557,"date":"2024-08-24T09:30:57","date_gmt":"2024-08-24T09:30:57","guid":{"rendered":"https:\/\/wncen.com\/?p=637557"},"modified":"2024-08-24T06:26:30","modified_gmt":"2024-08-24T06:26:30","slug":"bitcoin-price-surges-above-64000-heres-the-resistance-level-to-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-surges-above-64000-heres-the-resistance-level-to-watch\/","title":{"rendered":"Bitcoin Price Surges Above $64,000 \u2014 Here\u2019s The Resistance Level To Watch"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price <a href=\"https:\/\/wncen.com\/news\/bitcoin\/glassnode-bitcoin-price-50000\/\" target=\"_blank\" rel=\"noopener \">performance has been uninspiring<\/a> in the past week, mirroring the broader cryptocurrency market climate. However, the premier cryptocurrency seems to be ending the week on a high note following an unexpected Friday rally.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The price of BTC appears to have received a breath of fresh air following Federal Reserve Chairman Jerome Powell&#8217;s Jackson Hole speech, finding its way above the $64,000 mark \u2014 again \u2014 with an almost 7% surge. The question now is \u2014 how far can the Bitcoin price climb?<\/span><\/p>\n<h2><strong>Here\u2019s Why $66,250 Is A Crucial Level For BTC<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Prominent crypto analyst Ali Martinez took to the X platform to <a href=\"https:\/\/x.com\/ali_charts\/status\/80791852\" target=\"_blank\" rel=\"noopener nofollow\">share<\/a> an interesting prognosis for the Bitcoin price over the next few days. The relevant indicator here is the Glassnode \u201cUTXO Realized Price Distribution\u201d (URPD) metric, which monitors the amount of a particular cryptocurrency that was purchased at a given price level.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/is-a-bitcoin-btc-negative-correlation-with-stocks-a-bullish-signal-analyst-reveals\/\" target=\"_blank\" rel=\"noopener \">Is A Bitcoin (BTC) Negative Correlation With Stocks A Bullish Signal? Analyst Reveals<\/a><\/div>\n<p><span style=\"font-weight: 400\">Typically, the likelihood for a price level to act as an on-chain support or resistance zone depends on the number of coins that have their cost basis at the specific level. For context, the <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\/\" target=\"_blank\" rel=\"noopener \">cost basis of an investor<\/a> refers to the original price (including the transaction fees) at which they acquired a coin or token.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Price levels beneath the current spot value with substantial buying activity will likely act as support zones. On the other hand, levels above the current price could prove to be significant resistance areas. The chart below depicts the distribution of Bitcoin at different price levels surrounding the recent spot price of the coin.\u00a0<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVqToutWkAA4aOI?format=jpg&amp;name=medium\" alt=\"Bitcoin price\" width=\"1199\" height=\"628\"><figcaption class=\"wp-caption-text\">Bitcoin UTXO realized price distribution | Source: <a href=\"https:\/\/x.com\/ali_charts\/status\/80791852\" target=\"_blank\" rel=\"noopener nofollow\">Ali_charts\/X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Based on data from the highlighted chart, $64,045 and $66,250 seem to be the next crucial resistance levels to watch. While it appears that the Bitcoin price has flipped the $64,045 resistance wall, the $66,250 zone remains to be breached. According to data from Glassnode, nearly 382,000 <a href=\"https:\/\/wncen.com\/news\/bitcoin\/unveiling-bitcoins-drop-to-65000-heres-how-much-btc-miners-sold\/\" target=\"_blank\" rel=\"noopener \">coins were moved<\/a> within the $66,250 price area.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The last time BTC climbed above the $66,250 level, it traveled as high as the $70,000 mark before it encountered some resistance. It would be interesting to see how far the price of the premier cryptocurrency would go this time, especially considering that there is no major resistance wall above the $66,250 area based on the URPD indicator.<\/span><\/p>\n<h2><strong>Bitcoin Price At A Glance<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">As of this writing, the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/glassnode-bitcoin-price-50000\/\" target=\"_blank\" rel=\"noopener \">price of Bitcoin<\/a> is around the $64,000 mark, reflecting an almost 7% increase in the past 24 hours. This single-day performance has also shown on the weekly timeframe, with the flagship cryptocurrency climbing by nearly 10% in the past week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/42263-breakout-xrp-price-280\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here\u2019s The Roadmap<\/a><\/div>\n<figure style=\"width: 1832px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ZwdV7mBG\/\" alt=\"Bitcoin price\" width=\"1832\" height=\"1314\"><figcaption class=\"wp-caption-text\">The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/ZwdV7mBG\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price performance has been uninspiring in the past week, mirroring the broader cryptocurrency market climate. However, the premier cryptocurrency seems to be ending the week on a high note following an unexpected Friday rally. The price of BTC appears to have received a breath of fresh air following Federal Reserve Chairman Jerome Powell&#8217;s Jackson Hole speech, finding its way above the $64,000 mark \u2014 again \u2014 with an almost 7% surge. The question now is \u2014 how far can the Bitcoin price climb? Here\u2019s Why $66,250 Is A Crucial Level For BTC Prominent crypto analyst Ali Martinez took to the X platform to share an interesting prognosis for the Bitcoin price over the next few days. The relevant indicator here is the Glassnode \u201cUTXO Realized Price Distribution\u201d (URPD) metric, which monitors the amount of a particular cryptocurrency that was purchased at a given price level. Related Reading: Is A Bitcoin (BTC) Negative Correlation With Stocks A Bullish Signal? Analyst Reveals Typically, the likelihood for a price level to act as an on-chain support or resistance zone depends on the number of coins that have their cost basis at the specific level. For context, the cost basis of an investor refers to the original price (including the transaction fees) at which they acquired a coin or token. Price levels beneath the current spot value with substantial buying activity will likely act as support zones. On the other hand, levels above the current price could prove to be significant resistance areas. The chart below depicts the distribution of Bitcoin at different price levels surrounding the recent spot price of the coin.\u00a0 Based on data from the highlighted chart, $64,045 and $66,250 seem to be the next crucial resistance levels to watch. While it appears that the Bitcoin price has flipped the $64,045 resistance wall, the $66,250 zone remains to be breached. According to data from Glassnode, nearly 382,000 coins were moved within the $66,250 price area. The last time BTC climbed above the $66,250 level, it traveled as high as the $70,000 mark before it encountered some resistance. It would be interesting to see how far the price of the premier cryptocurrency would go this time, especially considering that there is no major resistance wall above the $66,250 area based on the URPD indicator. Bitcoin Price At A Glance As of this writing, the price of Bitcoin is around the $64,000 mark, reflecting an almost 7% increase in the past 24 hours. This single-day performance has also shown on the weekly timeframe, with the flagship cryptocurrency climbing by nearly 10% in the past week. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here\u2019s The Roadmap Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":637562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,1119,1122,61309],"class_list":["post-637557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-glassnode"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Surges Above $64,000 \u2014 Here\u2019s The Resistance Level To Watch<\/title>\n<meta name=\"description\" content=\"The Bitcoin price performance has been uninspiring in the past week, mirroring the broader cryptocurrency market climate. 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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