Bitcoin Although its price frequently falls slightly below $70,000, which is a psychological level, it manages to rise above this level. As we reported as Koinfinans.com, investors frequently change their new strategies by taking into account the support and resistance levels for BTC. In this article, we have highlighted the levels you should pay attention to according to current data.
IntoTheBlock presented its new data on the volume of Bitcoin in profit or loss on April 10. The 614,250 BTC held by 1.14 million addresses could form support between $66,555 and $68,585, with an average price of $67,578 per Bitcoin. This is because investors who previously bought at these prices are now profitable and are likely to repeat the strategy.
On the other hand, there is significant selling pressure on Bitcoin’s average price of $69,891, implying potential resistance. Between $69,383 and $70,108, 679,630 BTC are at a level called out-of-the-money. Therefore, it looked like the 923,310 addresses currently holding this unrealized loss might be encouraged to sell within this range or even break it. However, shortly after this report was published, BTC managed to rise and broke this level. Still, it is important to follow this level closely on a weekly basis.
However, notably, the on-chain support zone is aligned with the technical analysis support at $68,500 at the bottom of a trading range. Although BTC momentarily retreated from this level yesterday, it managed to recover quickly and rose.
As a result, BTC has tested and confirmed the expected buying pressure mentioned above in “in-the-money” volume. On the other hand, it traded as low as $67,500 at the average price support seen earlier.
Traders should monitor these levels on a weekly basis as they can narrow Bitcoin’s trading range or provide valuable buy and sell signals if it breaks any of them. Potentially moving towards support and resistance below.
