{"id":567566,"date":"2024-01-01T18:30:23","date_gmt":"2024-01-01T18:30:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=567566"},"modified":"2024-06-11T14:43:54","modified_gmt":"2024-06-11T14:43:54","slug":"47600-38600-what-could-next-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/47600-38600-what-could-next-bitcoin\/","title":{"rendered":"$47,600 Or $38,600? What Could Be Next For Bitcoin"},"content":{"rendered":"

An analyst has pointed out two demand zones that could be important for Bitcoin. Here’s what could be next for BTC based on these supply walls.<\/p>\n

Bitcoin On-Chain Support And Resistance Levels Could Provide Hints For What’s Next<\/h2>\n

As explained by analyst Ali in a new post<\/a> on X, Bitcoin has recently been floating between two major supply walls of the asset. “Supply wall<\/a>” refers to the amount of Bitcoin that addresses acquired in any given price range.<\/p>\n

Related Reading: Bitcoin Erases Recovery As Miners Cash Out 3,000 BTC<\/a><\/div>\n

The chart below shows what the different supply walls look like for BTC for the ranges around the current spot price of the cryptocurrency.<\/p>\n

\"Bitcoin<\/p>\n

The data for the on-chain support and resistance levels | Source: @ali_charts on X<\/a><\/pre>\n
In the above graph, the size of the dot represents the number of coins the investors bought inside the corresponding range. It would appear that the $41,200 to $42,400 and $42,400 to $43,700 ranges are notably heavy with supply.<\/p>\n
To be more particular, the former range saw 1.92 million addresses buy a total of 723,490 BTC, while the latter witnessed an accumulation of 706,400 BTC from 1.67 million holders.<\/p>\n
For any investor, their acquisition price or cost basis<\/a> is an important level, as when the asset’s price retests, their profit-loss situation can potentially change. As such, the holders are more likely to show some reaction when such a retest takes place.<\/p>\n
Naturally, just a few investors displaying a reaction won’t affect the market, but if many addresses share their cost basis inside a narrow range, the reaction from a retest could end up being sizeable.<\/p>\n
Because of this reason, major supply walls (like the two mentioned just earlier) can end up being important retests for Bitcoin. Generally, the asset is more likely to feel support when this retest happens from above, while the coin could feel some resistance when it’s from below.<\/p>\n
These effects seem to follow because of how investor psychology tends to work; an investor who was in profit before the retest might want to take a further gamble, believing the same price range to be profitable again. Such buying is the source of the support.<\/p>\n
Similarly, loss holders would be tempted to sell when the price reaches their break-even point, as they may not want to risk holding further as the coin could go back down, pulling them underwater again.<\/p>\n
Related Reading: Bitcoin Whales Bought The Recent Dip While Market Panicked<\/a><\/div>\n
Bitcoin has been trading between two major supply walls during its recent consolidation<\/a>. “A sustained close beyond these bounds will help gauge BTC’s trend,” notes Ali.<\/p>\n
The chart shows that the next large resistance ahead is between $46,300 to $47,600, while $38,600 to $39,900 carries the next major support below. “A breakout above resistance may propel BTC towards $47,600, while a dip below support might lead to a correction down to $38,600,” explains the analyst.<\/p>\n
BTC Price<\/h2>\n
Bitcoin is trading around the $42,700 mark as it continues its recent sideways movement.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the asset's price has been stuck in consolidation during the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has pointed out two demand zones that could be important for Bitcoin. Here’s what could be next for BTC based on these supply walls. Bitcoin On-Chain Support And Resistance Levels Could Provide Hints For What’s Next As explained by analyst Ali in a new post on X, Bitcoin has recently been floating between two major supply walls of the asset. “Supply wall” refers to the amount of Bitcoin that addresses acquired in any given price range. Related Reading: Bitcoin Erases Recovery As Miners Cash Out 3,000 BTC The chart below shows what the different supply walls look like for BTC for the ranges around the current spot price of the cryptocurrency. The data for the on-chain support and resistance levels | Source: @ali_charts on X In the above graph, the size of the dot represents the number of coins the investors bought inside the corresponding range. It would appear that the $41,200 to $42,400 and $42,400 to $43,700 ranges are notably heavy with supply. To be more particular, the former range saw 1.92 million addresses buy a total of 723,490 BTC, while the latter witnessed an accumulation of 706,400 BTC from 1.67 million holders. For any investor, their acquisition price or cost basis is an important level, as when the asset’s price retests, their profit-loss situation can potentially change. As such, the holders are more likely to show some reaction when such a retest takes place. Naturally, just a few investors displaying a reaction won’t affect the market, but if many addresses share their cost basis inside a narrow range, the reaction from a retest could end up being sizeable. Because of this reason, major supply walls (like the two mentioned just earlier) can end up being important retests for Bitcoin. Generally, the asset is more likely to feel support when this retest happens from above, while the coin could feel some resistance when it’s from below. These effects seem to follow because of how investor psychology tends to work; an investor who was in profit before the retest might want to take a further gamble, believing the same price range to be profitable again. Such buying is the source of the support. Similarly, loss holders would be tempted to sell when the price reaches their break-even point, as they may not want to risk holding further as the coin could go back down, pulling them underwater again. Related Reading: Bitcoin Whales Bought The Recent Dip While Market Panicked Bitcoin has been trading between two major supply walls during its recent consolidation. “A sustained close beyond these bounds will help gauge BTC’s trend,” notes Ali. The chart shows that the next large resistance ahead is between $46,300 to $47,600, while $38,600 to $39,900 carries the next major support below. “A breakout above resistance may propel BTC towards $47,600, while a dip below support might lead to a correction down to $38,600,” explains the analyst. BTC Price Bitcoin is trading around the $42,700 mark as it continues its recent sideways movement. Looks like the asset’s price has been stuck in consolidation during the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":567576,"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":[428,87431,679,717,91014,748,1119,1144],"class_list":["post-567566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cost-basis","tag-bitcoin-price","tag-bitcoin-resistance","tag-bitcoin-supply-wall","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n$47,600 Or $38,600? 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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:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$47,600 Or $38,600? 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