The September price history of Bitcoin has received a lot of attention, drawing attention to the biggest cryptocurrency by market capitalization. In this historically bad month, the leading cryptocurrency has not exactly having a terrible time, despite its erratic start and generally pessimistic expectations.
Before the week ended, the price of Bitcoin had surged significantly during the previous seven days, closing above the psychological $60,000 barrier. Yet a well-known cryptocurrency analyst has made an intriguing prediction on the price of Bitcoin in the upcoming days.
The Level At Which BTC Price Is Approaching Key Resistance
Prominent cryptocurrency analyst Ali Martinez stated in a recent post on the X platform that significant on-chain resistance for Bitcoin’s recent price spike may be found in the $60,680 region. The cost-basis distribution of the supply of BTC around the current spot value of the leading cryptocurrency serves as the basis for this analysis.
According to cost-basis research, the total number of coins that investors last purchased at a level determines whether the level has the ability to serve as support or resistance. The quantity of bitcoins bought within the relevant price range is directly reflected in the size of the dot, as can be seen in the figure below.
The aforementioned graphic shows how crowded the $59,885–$61,625 price range is with investors right now. IntoTheBlock data indicates that over 770,390 BTC, or roughly $40.6 billion, were purchased by 1.52 million addresses within the price range.
Martinez emphasized that as investors are likely to move when an asset returns to its cost basis, the $59,885–$61,625 price range might serve as a significant resistance zone. The tendency of investors who were previously losing money to sell their shares as soon as they start to make money could act as a brake on the price of Bitcoin.
Martinez mentioned in his post that if the $59,885–$61,625 resistance zone is broken, the price of Bitcoin might rise to $64,300. However, a decline to the $57,235 level is conceivable if the price is unable to overcome this resistance.
