NEWSLETTER
The price of bitcoin has almost fought to shine lately on weekends, with its performance so far in the current not very different. Although he showed promising upward posters on Friday night, the main cryptocurrency seems to have returned to its weekend nature.
Thanks to the jump in the last hours of Friday, the price of btc returned to a mini consolidation range between $ 97,000 and $ 98,000. Interestingly, the latest data in the chain shows that bitcoin's price is now trapped within a crucial support.
Why are investors care with $ 96,365 and $ 98,467
In a publication on platform x, the outstanding cryptographic analyst Ali Martínez <a target="_blank" href="https://x.com/ali_charts/status/1890754182774464802″ target=”_blank” rel=”noopener nofollow”>shared An interesting understanding in the bitcoin price chain and its future trajectory. According to Martínez, the cryptocurrency is embedded between two key levels that could determine its tendency in the short term.
This analysis in the chain is based on the average cost base of several btc investors. For the context, the analysis of the cost base evaluates the capacity of a level to serve as support or resistance, depending on the total number of currencies purchased for the last time by investors in the region.
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Source: Ali_charts/x
As can be seen in the previous table, the size of the point (green and red) represents and corresponds directly to the number of bitcoins acquired within a price range. According to Intotheblock data, around 1.97 million addresses bought approximately 1.43 million btc within the price range of $ 94,659 and $ 97,544 (at an average price of $ 96,365).
This high purchase activity has led to the formation of a key support cushion within this price region. The reasoning is that, when the price of bitcoin returns to $ 96,365, it is likely that investors with their cost base at this level and their surroundings defend their position acquiring more currencies, allowing the price to remain above the support area.
At the same time, the region of $ 97,650 and $ 99,470 is also full of investors, around $ 1.16 million addresses that bought more than 1.16 million btc. This price range could act as a significant offer barrier, since investors in losses may want to quickly download their assets once the bitcoin price reaches its cost base.
With the prices established between these two levels, the main cryptocurrency seems to be at a critical situation that could decide its future in the coming weeks. Martínez said that “a break in any direction could establish the trend.”
bitcoin price at a glance
At the time of writing this article, the price of bitcoin is around $ 97,700, which does not reflect a significant movement in the last 24 hours.
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The price of btc on the daily timeframe | Source: BTCUSDT chart on x/JRPXTjAT/" target="_blank" rel="noopener nofollow">TradingView
Istock's prominent image, TrainingView graphics
