According to the analyst, Bitcoin (BTC) broke the important resistance level with a strong momentum and turned its eyes to a new target.
On-chain analysis platform CryptoQuant analyst attracted attention with his current Bitcoin review. In his review UTXO Age Band Based on the indicator, the analyst said that long-term investors mainly bought Bitcoin. 50-53 thousand dollars He emphasized that the band has finally been broken.
These investors, who bought especially during the last bull market period, lost approximately Has not sold its assets for 2-3 years and the 50-53 thousand dollar band in which they were buying was seen as a critical resistance. Bitcoin breaking this level strongly exceeding 56 thousand dollarsthe next target He brought 68 thousand dollars to the agenda again.
While the target of 68 thousand dollars means the level at which all Bitcoin owners, including investors who bought at the top in the previous bull, will make a profit, it is seen as one of the resistances that are difficult to overcome:
In short, investors who started holding from the last cycle’s bull rally were 2-3 year holders, and their average purchase price was the highest of all purchases. This may have acted as a strong resistance price. However, as Bitcoin price has increased significantly to $55,000, the only price that could act as resistance going forward is the recent cycle high of $68,000.