On-Chain Analytics Points to the ‘Most Significant’ Price Barrier in Bitcoin’s (BTC) Ascent to New All-Time High
As Bitcoin’s price continues its upward trajectory, on-chain analytics from Ali_charts has identified a critical resistance barrier that could potentially hinder the cryptocurrency’s march towards new all-time highs. According to Ali (@ali_charts), the “most significant resistance barrier” for Bitcoin lies between $70,180 and $70,600.
In a recent tweet, Ali_charts revealed that within this price range, approximately 292,000 addresses hold a combined total of 397,000 Bitcoin (BTC). This concentration of BTC holdings represents a substantial supply barrier that could pose a challenge for Bitcoin’s ascent to new record highs.
For those unfamiliar with on-chain analytics, it involves analyzing data recorded on the blockchain to gain insights into various aspects of cryptocurrencies, such as transaction patterns, address balances, and overall market dynamics.
In the context of Ali_charts’ analysis, the identified price range between $70,180 and $70,600 is significant because it represents a level where a large number of Bitcoin holders may potentially look to realize their gains by selling their holdings. This could create selling pressure and resistance, making it harder for the price to break through this barrier.
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Show more +However, if Bitcoin manages to surpass this resistance level, Ali_charts suggests that the path towards new all-time highs could be more accessible. Overcoming such a substantial supply barrier could signal a shift in market sentiment and potentially trigger a fresh wave of buying pressure, propelling Bitcoin to uncharted price territories.
It’s worth noting that on-chain analytics, while valuable, should be considered alongside other technical and fundamental analysis factors when evaluating the potential trajectory of cryptocurrencies. Market dynamics can be influenced by various factors, including investor sentiment, regulatory developments, and broader economic conditions.
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