There’s been a lot of talk about Bitcoin’s price history in September, shedding further lightweight on the largest cryptocurrency by market cap. Despite a somewhat shaky start and generally bearish expectations, the major cryptocurrency didn’t exactly have a miserable time during this historically negative month.
The price of BTC has been on a fairly rapid pace over the past seven days, breaking through the psychological level of $60,000 to end the week. However, a popular crypto expert has made an intriguing prediction for the price of Bitcoin in the coming days.
BTC Price Approaches Key Resistance — Here’s the Level
In a fresh post on Platform X, prominent cryptocurrency analyst Ali Martinez revealed that Bitcoin’s recent price rally could encounter sedate on-chain resistance around the $60,680 zone. This analysis is based on the cost-basis distribution of BTC supply around the current spot value of the flagship cryptocurrency.
In a cost basis analysis, the potential for a level to act as support or resistance depends on the total number of coins recently purchased by investors at that level. As shown in the chart below, the size of the dot reflects and is directly proportional to the number of bitcoins purchased at the corresponding price range.
Cost-basis distribution of the BTC supply around current price | Source: Ali_charts/X
The chart above shows that the $59,885–$61,625 price range is currently brimming with investors. According to data from IntoTheBlock, 1.52 million addresses have purchased over 770,390 BTC (equivalent to about $40.6 billion) in this price range.
Martinez emphasized that this price level of $59,885–$61,625 could act as a major resistance zone as investors are likely to take action once the asset reverts to its cost base. Typically, investors who were previously in the red may want to quickly sell their holdings as soon as they turn a profit, which could act as a barrier for the price of bitcoin.
Martinez noted in his post that Bitcoin price could rally to $64,300 if the $59,885-$61,625 resistance zone is broken. However, if the price fails to break through this resistance, a decline to $57,235 is possible.
Bitcoin price in brief
At the time of writing, Bitcoin is trading at around $60,429, up 4.1% in the past 24 hours. The leading cryptocurrency’s performance is even more impressive over the longer term. Bitcoin is up more than 13% in the past seven days, according to data from CoinGecko.
Bitcoin price breaks above the $60,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created with Dall-E, chart from TradingView
