Categories: Bitcoin

Bitcoin (BTC) encountered strong resistance near its previous high on October 8, when a new surge of more than $ 56,000 quickly ended.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Buy discount? $ 53,000 is “fair”

Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it hit a four-month high of $ 56,150.

The $ 58,000 area that turned out to be the sticking point for the bulls earlier this year came back to haunt them that day, which didn’t come as a shock to analysts.

“Unsurprisingly, that $ 56 to $ 58,000 area offers some resistance as there are some overhead deals there from earlier this year,” said William Clemente commented.

“~ $ 53,000 would be a reasonable range to buy a discount.”

1-day BTC / USD annotated candlestick chart (Coinbase). Source: William Clemente / Twitter

This level represents both the $ 1 trillion market cap limit for Bitcoin and the location of a large area of ​​resistance that has acted as a support since Wednesday.

BTC “Hodled or Lost” hits 9-month high

Bitcoin is approaching $ 60,000 – but this time investors are increasing their positions, not selling.

Related: CME Bitcoin Derivatives Traders Had “Paper Hands” As BTC Breaks $ 55,000 – Report

data from online chain analyst Glassnode shows that the percentage of BTC supply that is running out or losing heavily is the highest in nine months.

The latest example of how Bitcoin differs from the first phase of the Bull Run in the fourth quarter of this year, the “Lost or Lost Coin” is now 7,203,450,731 BTC.

Hodled and Lost Coins Chart. Source: Glassnode / Twitter

Nine months ago, in January, the available supply soared as pricing led more and more longtime investors to realize profits.

Currently, the opposite phenomenon is in place – starting in August, BTC will return to the hands of scammers.

The index’s previous high was in the fourth quarter of 2020, just before the main phase of the bull run began after BTC / USD broke its previous all-time high of $ 20,000.

The metrics relate to the existing coverage of long-term owner behavior, which Cointelegraph previously reported has reached its own highs.

.

.

Coincu

Recent Posts

Top Reasons to Choose Qubetics, Bitcoin, and AAVE as the Best Coins to Join Now 

Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…

33 minutes ago

Market Overview (Dec 16 – Dec 22): Altcoins Stall, BTC Faces Strong Pullback

MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…

59 minutes ago

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

3 hours ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

4 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

5 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

6 hours ago

This website uses cookies.