All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead
Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead. Bitcoin Levels Ahead Are Thin With Addresses Right Now According to data from the market intelligence platform IntoTheBlock, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not. The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis....
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The Bitcoin price has not particularly impressed over the past two weeks, but it appears to have steadied its movement within a clear consolidation range. In its latest attempt to shine, the premier cryptocurrency faced fierce resistance around $74,000 on Friday, March 13. Interestingly, the latest on-chain data suggests that the $74,000 resistance might not be the barrier it appears to be. According to a prominent crypto analyst on the social media platform X, the Bitcoin price seems to have a free runway to return to above the $80,000 mark. BTC Price Has Free Runway To $82,000: Analyst....
On-chain data shows the presence of a massive Bitcoin supply wall around the $97,200 level, something that could impede BTC’s advances beyond the mark. Bitcoin Has Significant Resistance At Price Levels Just Ahead In a new post on X, the market intelligence platform IntoTheBlock has discussed how BTC support and resistance levels are looking from an on-chain perspective right now. In on-chain analysis, the potential of any price level to act as support or resistance lies in the amount of supply that was last transferred or purchased at it. Below is the chart shared by the analytics....
As Bitcoin's price shows new signs of bullish momentum, data from various on-chain indicators suggests that the current sell-off is reaching an end. Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000.The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication....
On-chain data suggests the path to $2,500 could be open for Ethereum now that the asset has managed to cross the $2,100 mark. Ethereum Has No Major Resistance Levels Until $2,500 In a new post on X, the market intelligence platform IntoTheBlock has provided an update on how the Ethereum levels are looking in terms of on-chain support and resistance. In on-chain analysis, ranges are defined as support or resistance based on how many investors acquired their coins inside them. The below chart shows the density of addresses at various levels above and below the current spot price of the....