The market intelligence platform Intatheblock revealed where it could lie the next big obstacle for Bitcoin, according to chain data.
Bitcoin has an important supply wall between $ 95,400 and $ 98,200
In a new post on X, Intatheblock discussed how the various BTC price intervals look in terms of resistance and chain support. In the chain analysis, it is assumed that the strength of any support or resistance support is found in the amount of supply that has been purchased/transarated by investors at the price level that descends into this range.
That is, strong support/resistance ranges bring the cost of a large number of addresses. The reason behind this is that for any investor, their level of tie is naturally a special level, so when the tests of this occur, they are likely to take a sort of move.
The owners who were loss before such a revisitor can be tempted to sell, as they would have at least recovered all their investments. Investors who had a profit, however, could decide to buy more, since they could believe that the same level of acquisition will end up repaying again in the future.
Of course, only some investors showing this purchase/sale would have no effects on the price of the cryptocurrency, therefore the interval should contain the cost of a significant amount of addresses if it must act as a limit of resistance or support.
Now, here is the graphic designer shared by the analysis company, which shows how the supply of Bitcoin is distributed with ranges around the current spot price:
In the graph, the size of the point is related to the amount of coins purchased by investors inside the corresponding interval. It would seem that an interval in front of the current price is distinguished in particular in terms of size of its point: $ 95,400 to $ 98,200.
At these price levels, about 2.29 million addresses purchased a total of 1.66 million token. Since the range is above the price of the activity at the moment, all these investors would be in red.
Bitcoin recently crossed a Russian mountain where it collapsed below $ 80,000 and recovered above $ 90,000, all in a matter of a few days. Therefore, these owners of submarines can be particularly eager for the price to return to the basis of the costs.
“The frightening feeling can trigger these owners to sell at tie prices, thus providing resistance,” explains Inttheblock. Now it remains to be seen if the question would be enough to overcome these potential sellers, if BTC can gather far away to repeat this interval.
Price btc
Bitcoin approached the level of $ 95,000 during the last price rally, but it seems that its price faced a portrait as it returned to $ 90,700.