{"id":603462,"date":"2024-04-16T15:00:45","date_gmt":"2024-04-16T15:00:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=603462"},"modified":"2024-06-11T11:19:09","modified_gmt":"2024-06-11T11:19:09","slug":"bitcoin-major-demand-56000-brace-impact","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-major-demand-56000-brace-impact\/","title":{"rendered":"Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?"},"content":{"rendered":"<p>On-chain data shows the next major Bitcoin demand zone is around $56,000, a level BTC might end up revisiting if the decline continues.<\/p>\n<h2>Bitcoin Has Next Major On-Chain Support Around $56,000<\/h2>\n<p>According to data from the market intelligence platform <a href=\"https:\/\/twitter.com\/intotheblock\/status\/54184825\" target=\"_blank\" rel=\"noopener nofollow\">IntoTheBlock<\/a>, BTC&#8217;s recent drawdown has meant that it may end up having to rely on the price range around $56,000 for support.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-whales-different-behavior-cycles-why\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?<\/a><\/div>\n<p>In on-chain analysis, a level&#8217;s potential as support or resistance is based on the total number of coins that the investors last acquired there. Below is a chart that shows what the various price ranges around the current spot price of the cryptocurrency look like in terms of this cost-basis distribution.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/GLNr5EGWIAAlDQT?format=jpg&amp;name=large\" alt=\"Bitcoin On-Chain Cost Basis\" width=\"1721\" height=\"359\"><\/p>\n<pre style=\"text-align: center\">The data for the BTC acquisition distribution across the various price levels | Source: <a href=\"https:\/\/twitter.com\/intotheblock\/status\/54184825\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">IntoTheBlock on X<\/a><\/pre>\n<p>In the graph, the size of the dot represents the amount of Bitcoin that was purchased inside the corresponding price range. It would appear that the $63,000 to $64,890 level is currently thick with investors. To be more particular, 1 million investors acquired 530,000 BTC inside this range.<\/p>\n<p>Generally, whenever the asset retests the cost basis of any investor, they may become more likely to make some kind of move, due to the importance the level holds for them.<\/p>\n<p>Investors who were in profits just prior to the retest may be willing to make further bets, believing that if this level was profitable in the past it might be so again in the future.<\/p>\n<p>Naturally, this buying effect would only be relevant for the market if a large amount of investors acquired coins inside a tight price range. The $63,000 to $64,890 range qualifies for this.<\/p>\n<p>The range should have acted as a support point for the coin, but BTC has recently slipped under it, possibly suggesting that this support level may have broken down.<\/p>\n<p>As IntoTheBlock has highlighted in the chart, the next major range of potential support is the $55,200 to $57,100 range. Thus, should the current drawdown continue, this may be the next relevant range.<\/p>\n<p>&#8220;While this doesn&#8217;t mean that Bitcoin has to go this low, it is good to keep this range in mind while price is exploring recent lows,&#8221; notes the analytics firm. A decline to the average price of this range ($56,000) would mean a drawdown of almost 10% from the current spot value of the coin.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-rebounds-cost-basis-short-term-whales\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales<\/a><\/div>\n<p>Before this level, though, there is another interesting on-chain level that BTC could end up revisiting. As analyst James Van Straten has pointed out in an X <a href=\"https:\/\/twitter.com\/intotheblock\/status\/54184825\/photo\/1\" rel=\"nofollow\">post<\/a>, the <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-under-realized-price-163-days\/\" target=\"_blank\" rel=\"noopener \">Realized Price<\/a> (the average cost basis) of the short-term holders is around $58,800 right now.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/GLNGrtoW0AAFbbI?format=jpg&amp;name=large\" alt=\"Bitcoin Short-Term Holder Realized Price\" width=\"1215\" height=\"681\"><\/p>\n<pre style=\"text-align: center\">Looks like the value of the metric has been going up since a while now | Source: <a href=\"https:\/\/twitter.com\/jvs_btc\/status\/55538708\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">@jvs_btc on X<\/a><\/pre>\n<p>The <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-short-term-holders-5-2-sold-loss\/\" target=\"_blank\" rel=\"noopener \">short-term holders<\/a> (STHs) here refer to the investors who bought within the past 155 days. This group&#8217;s Realized Price has been at an important level historically during bull runs, as the asset has often found support at it.<\/p>\n<p>Breaks under it have, in fact, usually led to bearish transitions in the past. &#8220;If we drop below this, I will concede to a bear market similar to May 2021,&#8221; says Straten.<\/p>\n<h2>BTC Price<\/h2>\n<p>Bitcoin has registered a decline of almost 7% over the past 24 hours and in the process, has lost any recovery it had made earlier. Now, BTC is trading around $62,100.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/oSkM41uo\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"854\"><\/p>\n<pre style=\"text-align: center\">The price of the asset appears to have been going down recently | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows the next major Bitcoin demand zone is around $56,000, a level BTC might end up revisiting if the decline continues. Bitcoin Has Next Major On-Chain Support Around $56,000 According to data from the market intelligence platform IntoTheBlock, BTC&#8217;s recent drawdown has meant that it may end up having to rely on the price range around $56,000 for support. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? In on-chain analysis, a level&#8217;s potential as support or resistance is based on the total number of coins that the investors last acquired there. Below is a chart that shows what the various price ranges around the current spot price of the cryptocurrency look like in terms of this cost-basis distribution. The data for the BTC acquisition distribution across the various price levels | Source: IntoTheBlock on X In the graph, the size of the dot represents the amount of Bitcoin that was purchased inside the corresponding price range. It would appear that the $63,000 to $64,890 level is currently thick with investors. To be more particular, 1 million investors acquired 530,000 BTC inside this range. Generally, whenever the asset retests the cost basis of any investor, they may become more likely to make some kind of move, due to the importance the level holds for them. Investors who were in profits just prior to the retest may be willing to make further bets, believing that if this level was profitable in the past it might be so again in the future. Naturally, this buying effect would only be relevant for the market if a large amount of investors acquired coins inside a tight price range. The $63,000 to $64,890 range qualifies for this. The range should have acted as a support point for the coin, but BTC has recently slipped under it, possibly suggesting that this support level may have broken down. As IntoTheBlock has highlighted in the chart, the next major range of potential support is the $55,200 to $57,100 range. Thus, should the current drawdown continue, this may be the next relevant range. &#8220;While this doesn&#8217;t mean that Bitcoin has to go this low, it is good to keep this range in mind while price is exploring recent lows,&#8221; notes the analytics firm. A decline to the average price of this range ($56,000) would mean a drawdown of almost 10% from the current spot value of the coin. Related Reading: Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales Before this level, though, there is another interesting on-chain level that BTC could end up revisiting. As analyst James Van Straten has pointed out in an X post, the Realized Price (the average cost basis) of the short-term holders is around $58,800 right now. Looks like the value of the metric has been going up since a while now | Source: @jvs_btc on X The short-term holders (STHs) here refer to the investors who bought within the past 155 days. This group&#8217;s Realized Price has been at an important level historically during bull runs, as the asset has often found support at it. Breaks under it have, in fact, usually led to bearish transitions in the past. &#8220;If we drop below this, I will concede to a bear market similar to May 2021,&#8221; says Straten. BTC Price Bitcoin has registered a decline of almost 7% over the past 24 hours and in the process, has lost any recovery it had made earlier. Now, BTC is trading around $62,100. The price of the asset appears to have been going down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":603472,"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":[428,461,5605,92087,89831,679,748,1119,1144],"class_list":["post-603462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-demand","tag-bitcoin-demand-zone","tag-bitcoin-drawdown","tag-bitcoin-price","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the next major Bitcoin 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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. 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