{"id":551989,"date":"2023-09-19T18:00:20","date_gmt":"2023-09-19T18:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551989"},"modified":"2024-06-11T08:00:33","modified_gmt":"2024-06-11T08:00:33","slug":"bitcoin-resistance-lies-from-on-chain-perspective","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-resistance-lies-from-on-chain-perspective\/","title":{"rendered":"Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective"},"content":{"rendered":"

Here’s where the next major resistance to clear Bitcoin could lie from the perspective of on-chain analysis.<\/p>\n

Bitcoin Resistances According To On-Chain Data<\/h2>\n

Bitcoin has recently observed a surge beyond the $27,000 mark,<\/a> and many have been wondering how long this fresh rally could continue for the cryptocurrency. One way to determine this could perhaps be by looking at where the major resistance levels are.<\/p>\n

In terms of on-chain analysis, “resistance” generally lies in regions where many investors have their cost basis present because of how holder psychology tends to work.<\/p>\n

The “cost basis<\/a>” here refers to the average price at which an investor buys coins. When the spot price is below a holder’s cost basis, they are in a net amount of loss.<\/p>\n

Once BTC returns to the investor’s acquisition price, they may want to sell, as at least that way, they would have avoided exiting at any losses. Due to this reason, whenever a large number of investors have their cost basis present inside a particular price range, the range could provide resistance to the asset because of the volume of selling pressure that may arise in it.<\/p>\n

Related Reading: How Much Will Dogecoin Trade At If It Attains The Market Cap Of Bitcoin Or Ethereum?<\/a><\/div>\n

Now, here is what the different Bitcoin price ranges look like in terms of investor cost basis concentration, according to data from the market intelligence platform IntoTheBlock<\/a>:<\/p>\n

\"Bitcoin<\/p>\n

The different support and resistance levels according to on-chain data\u00a0 | Source: IntoTheBlock on X<\/a><\/pre>\n
As displayed above, the following particularly thick cost basis range is $25,853 to $29,662. “Key resistance is anticipated around $29.2K \u2014 a point of acquisition for over 1.77M addresses,” explains IntoTheBlock.<\/p>\n
The $27,200 to $28,000 range (the range just after the current spot price of the cryptocurrency) isn’t exactly thin, either, but it has notably fewer investors than the other one. The following range, $28,000 to $28,853, doesn’t have many investors, so if BTC can clear the upcoming range, the run-up to nearly $29,000 may be clear.<\/p>\n
Related Reading: Next Bitcoin Peak: Why It Could Still Be 2 Years Away<\/a><\/div>\n
While investor cost basis can act as resistance on retests from below, they can also support when being touched from up. The reason behind this could be that an investor that had earlier been in profits might have reason to believe the asset would go up again, so they might buy more at their cost basis, thinking it to be a profitable entry point.<\/p>\n
From the image, it’s apparent that both the ranges just below the current price are very thick with addresses because Bitcoin had earlier consolidated at these price levels for a significant time.<\/p>\n
It might be due to these strong support levels that when the asset had retraced<\/a> back to $26,600 yesterday, it quickly found a rebound to the current price level.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is floating around the $27,200 level, up 4% during the past seven days.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed a sharp rebound during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Here’s where the next major resistance to clear Bitcoin could lie from the perspective of on-chain analysis. Bitcoin Resistances According To On-Chain Data Bitcoin has recently observed a surge beyond the $27,000 mark, and many have been wondering how long this fresh rally could continue for the cryptocurrency. One way to determine this could perhaps be by looking at where the major resistance levels are. In terms of on-chain analysis, “resistance” generally lies in regions where many investors have their cost basis present because of how holder psychology tends to work. The “cost basis” here refers to the average price at which an investor buys coins. When the spot price is below a holder’s cost basis, they are in a net amount of loss. Once BTC returns to the investor’s acquisition price, they may want to sell, as at least that way, they would have avoided exiting at any losses. Due to this reason, whenever a large number of investors have their cost basis present inside a particular price range, the range could provide resistance to the asset because of the volume of selling pressure that may arise in it. Related Reading: How Much Will Dogecoin Trade At If It Attains The Market Cap Of Bitcoin Or Ethereum? Now, here is what the different Bitcoin price ranges look like in terms of investor cost basis concentration, according to data from the market intelligence platform IntoTheBlock: The different support and resistance levels according to on-chain data\u00a0 | Source: IntoTheBlock on X As displayed above, the following particularly thick cost basis range is $25,853 to $29,662. “Key resistance is anticipated around $29.2K \u2014 a point of acquisition for over 1.77M addresses,” explains IntoTheBlock. The $27,200 to $28,000 range (the range just after the current spot price of the cryptocurrency) isn’t exactly thin, either, but it has notably fewer investors than the other one. The following range, $28,000 to $28,853, doesn’t have many investors, so if BTC can clear the upcoming range, the run-up to nearly $29,000 may be clear. Related Reading: Next Bitcoin Peak: Why It Could Still Be 2 Years Away While investor cost basis can act as resistance on retests from below, they can also support when being touched from up. The reason behind this could be that an investor that had earlier been in profits might have reason to believe the asset would go up again, so they might buy more at their cost basis, thinking it to be a profitable entry point. From the image, it’s apparent that both the ranges just below the current price are very thick with addresses because Bitcoin had earlier consolidated at these price levels for a significant time. It might be due to these strong support levels that when the asset had retraced back to $26,600 yesterday, it quickly found a rebound to the current price level. BTC Price At the time of writing, Bitcoin is floating around the $27,200 level, up 4% during the past seven days. BTC has observed a sharp rebound during the past day | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":552003,"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":[428,87335,717,1119,1144],"class_list":["post-551989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-on-chain-data","tag-bitcoin-resistance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHere's Where Next Bitcoin Resistance Lies, From An On-Chain Perspective<\/title>\n<meta name=\"description\" content=\"Here's where the next major resistance to clear for Bitcoin could lie, from the perspective of on-chain analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective","url":"http:\/\/uniquehot.com\/news\/bitcoin-resistance-lies-from-on-chain-perspective\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-resistance-lies-from-on-chain-perspective\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/maxim-hopman-fiXLQXAhCfk-unsplash-1-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/maxim-hopman-fiXLQXAhCfk-unsplash-1-1.jpg?fit=6240%2C4160"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin on-chain data","bitcoin resistance","btc","btcusd"],"dateCreated":"2023-09-19T18:00:20Z","datePublished":"2023-09-19T18:00:20Z","dateModified":"2024-06-11T08:00:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-resistance-lies-from-on-chain-perspective\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-resistance-lies-from-on-chain-perspective\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-1.jpg?fit=6240%2C4160\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin on-chain data\",\"bitcoin resistance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-19T18:00:20Z\",\"datePublished\":\"2023-09-19T18:00:20Z\",\"dateModified\":\"2024-06-11T08:00:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/maxim-hopman-fiXLQXAhCfk-unsplash-1-1.jpg?fit=6240%2C4160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551989"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=551989"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552003"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=551989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=551989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=551989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}