Bitcoin projects new major resistance at $ 58,000 as Hodlers trade from Q1

Bitcoin (BTC) encountered strong resistance near previous highs on October 8, as new momentum quickly ended above $ 56,000.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Buy autumn? $ 53,000 is “logical”

Data from Cointelegraph Markets Pro and TradingView tracked the BTC / USD pair as it broke from the four-month high of $ 56,150.

The $ 58,000 area that had turned out to be the sticking point for the bulls earlier this year returned to haunt them that day, which didn’t surprise analysts.

Bitcoin projects new major resistance at $ 58,000 as Hodlers trade from Q1
Bitcoin projects new major resistance at $ 58,000 as Hodlers trade from Q1

“Not surprisingly, this $ 56,000 to $ 58,000 range offers some resistance as there has been a fair amount of overhead on offer since the beginning of this year., commented Wilhelm Clemens.

“~ $ 53,000 would be a logical range to buy a drop.”

The 1-day annotated candlestick chart of the BTC / USD pair (Coinbase). Source: William Clemente / Twitter

This level represents both the $ 1 trillion market cap for Bitcoin and the location of what was once a major resistance zone that served as support as of Wednesday.

“Accumulated or Lost” BTC hits 9 month high

Bitcoin is approaching $ 60,000, but this time investors are increasing their positions, not selling.

The data from on-chain analytics firm Glassnode show that the percentage of BTC supply that accumulates or is lost is definitely at its highest level in nine months.

The most recent example of how Bitcoin differs from the first phase of its bull run in the fourth quarter of this year, the “accumulated or lost coins” now stand at 7,203,450,731 BTC.

Accumulated and lost coins graph. Source: Glassnode / Twitter

Nine months ago in January, the available supply soared as pricing resulted in an increasing number of seasoned investors generating profits.

Now the opposite phenomenon is in effect: BTC has been returning to the hands of the Hodler since August.

The metric’s previous high was in the fourth quarter of 2020, just before the main phase of the bull run began after the BTC / USD pair broke previous historical highs of $ 20,000.

The numbers refer to existing coverage of long-term owner behavior, which Cointelegraph previously reported had reached its own highs.

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