Bitcoin (BTC) encountered heavy resistance near the previous highs on October 8 as fresh pressure over $56,000 quickly ended.
1 hour BTC/USD candlestick chart (Bitstamp). Source: TradingView
Do you buy a dive? $53,000 “makes sense”
It tracked data from Cointelegraph Markets Pro and TradingView BTC/USD as it reached a four-month high of $56,150.
An estimated $58,000 acre, which turned out to be a breeding ground for bulls at the start of the year, came back to hunt them on the same day, which didn’t come as a shock to analysts.
“Not surprisingly, the $56,000-58,000 range is some resistance as there is a significant amount of overhead at the start of this year,” commented William Clemente.
“$53K would be a logical area to buy the flop.”
Annotated daily light chart for BTC/USD (Coinbase). Source: William Clemente / Twitter
This level represents both the $1 billion market cap for bitcoin and where a major resistance area has served as support from Wednesday.
Bitcoin “Hold or Lost” Price Reached Nine Months
Bitcoin is approaching $60K, but this time investors are increasing their positions instead of selling.
On the topic: CME Bitcoin Derivatives Traders Had Their Hands When BTC Breaks $55,000 – Report
Data from boring analyst Glassnode shows that the share of BTC supply held or lost forever is the highest in nine months.
The latest example of how Bitcoin differed in the last quarter of this year from the first stage of bullfighting – “Hodled or Lost Coins” is now 7,203,450,501 BTC.
Tangled and lost coins chart. Source: Glassnode / Twitter
Nine months ago, in January, supply skyrocketed as opening prices increased the number of regular investors making profits.
The opposite phenomenon has now been observed – since August, BTC has returned to hackers.
The previous settlement peak came in the fourth quarter of 2020, just before the main beef lead phase after BTC/USD surpassed the previous record levels of $20,000.
The numbers indicate the current reach of Holder’s long-term behavior, which Cointelegraph previously reported has peaked.