The price of Bitcoins has almost recently fought on weekends, so far performance in the current one is not much different. While on Friday evening he showed promising stubborn signs, the most critical cryptocurrency seems to return to his weekend nature.
Thanks to the jump in slow Friday, the BTC price returned to the mini-consolidation from 97,000 to 98,000 USD. Interestingly, the latest chain data show that the price of bitcoins is now trapped in the key range.
Why investors consider $ 96,365 and USD 98,467
In the post on Platform X, an outstanding cryptographic analyst Ali Martinez common Captivating insight into the Bitcoins price and its future trajectory. According to Martinez, the flagship cryptocurrency is pressed between two key price levels that could determine his trend in the near future.
This chain analysis is based on the average cost of the costs of several BTC investors. In the context, the analysis of the base of the base assesses the ability to support support or resistance depending on the total number of coins recently purchased by investors in the region.
Source: Ali_charts/X
As observed in the above chart, the size of the dot (green and red) represents and directly corresponds to the number of bitcoin obtained in the price range. According to data from INTOTHEBLOCK, about 1.97 million addresses were bought by around 1.43 million BTC in the price range of USD 94,659 and 97,544 USD (at an average price of USD 96,365)
This high purchasing activity led to the creation of a key support pillow in this price region. The reasoning consists in the fact that when the bitcoin price returns to USD 96,365, investors with the basis of costs at this level and around them will probably defend their position, obtaining more coins, enabling the price to be maintained above the support area.
At the same time, the region 97 650 USD and 99,470 USD is also filled with investors – about USD 1.16 million, who bought over 1.16 million BTC. This price range can act as a significant supply barrier, because investors loss may want to quickly relieve their assets when the price of Bitcoins reaches the basis of costs.
After setting prices between these two levels, the most critical cryptocurrency seems to be at a critical moment that can decide on her future in the next few weeks. Martinez noticed that “a breakthrough in both directions can set up a trend.”
Bitcoin price at first glance
In this letter, the Bitcoin price is about USD 97,700, which does not reflect significant traffic in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
