According to data on the chain, the intelligence platform of the INTOTHEBLOCK market revealed where another main obstacle for Bitcoin may lie.

Bitcoin has the main supply wall between USD 95,400 and USD 98,200

In up-to-date post At X, Intotheblock discussed what different ranges of BTC prices look like in terms of resistance and support in the chain. The analysis in the chain assumes that the force of all support or resistance is in the amount of supply, which has recently been purchased/transactions by investors at the price level falling in the aforementioned range.

This means that powerful support/resistance ranges are based on the cost of a immense number of addresses. The reason for this is that for every investor, their profitability is of course a special level, so when it happens, they are likely to make a move.

Holders who lost before such a re -test may be tempted to sell because they would at least recover their entire investment. Investors who had profit may, however, decide to buy more because they could believe that the same level of acquisition will eventually pay off in the future.

Of course, only a few investors showing this purchase/sale would not have any effect in the price of cryptocurrency, so the scope would have to contain the basis for the cost of a significant number of addresses if it must act as a limit of resistance or support.

Now there is a chart made available by an analytical company that shows how Bitcoin is distributed to the current spot price:

On the chart, the dot size correlates with the number of coins that investors bought in the right extent. It seems that one range before the current price is particularly distinguished in terms of dot size: USD 95,400 to USD 98,200.

At these price levels, a total of 1.66 million tokens purchased about 2.29 million addresses. Given that the range is currently above the price of assets, all these investors would be red.

Bitcoin recently passed through the mountain queue, in which he fell below USD 80,000 and recovered over USD 90,000, everything in a few days. Therefore, these submarine owners may be particularly eager for the price to return to their costs.

“Terrifying sentiments can cause these owners to sell after the threshold threshold, thus ensuring resistance,” explains Intotheblock. Now it will turn out whether the demand would be enough to overtake these potential sellers if BTC can accumulate far enough to receive this range again.

BTC price

Bitcoin approached USD 95,000 during the latest price rally, but it seems that its price was from now on a repetition because it has already returned to USD 90,700.