Bitcoin (BTC) encountered strong resistance near its previous high on October 8, when a new surge of more than $ 56,000 quickly ended.
Buy discount? $ 53,000 is “fair”
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it hit a four-month high of $ 56,150.
The $ 58,000 area that turned out to be the sticking point for the bulls earlier this year came back to haunt them that day, which didn’t come as a shock to analysts.
“Unsurprisingly, that $ 56 to $ 58,000 area offers some resistance as there are some overhead deals there from earlier this year,” said William Clemente commented.
“~ $ 53,000 would be a reasonable range to buy a discount.”
This level represents both the $ 1 trillion market cap limit for Bitcoin and the location of a large area of resistance that has acted as a support since Wednesday.
BTC “Hodled or Lost” hits 9-month high
Bitcoin is approaching $ 60,000 – but this time investors are increasing their positions, not selling.
Related: CME Bitcoin Derivatives Traders Had “Paper Hands” As BTC Breaks $ 55,000 – Report
data from online chain analyst Glassnode shows that the percentage of BTC supply that is running out or losing heavily is the highest in nine months.
The latest example of how Bitcoin differs from the first phase of the Bull Run in the fourth quarter of this year, the “Lost or Lost Coin” is now 7,203,450,731 BTC.
Nine months ago, in January, the available supply soared as pricing led more and more longtime investors to realize profits.
Currently, the opposite phenomenon is in place – starting in August, BTC will return to the hands of scammers.
The index’s previous high was in the fourth quarter of 2020, just before the main phase of the bull run began after BTC / USD broke its previous all-time high of $ 20,000.
The metrics relate to the existing coverage of long-term owner behavior, which Cointelegraph previously reported has reached its own highs.