Much has been made of the Bitcoin price history in September, shedding more light on the largest cryptocurrency by market cap. Despite a somewhat shaky start and generally bearish expectations, the premier cryptocurrency did not have a bad run in this historically negative month.
Bitcoin price has been on a strong rise over the past seven days, breaking the psychological $60,000 level to close the week. However, a well-known cryptocurrency expert has made an interesting prediction for Bitcoin price in the coming days.
Bitcoin Price Approaches Key Resistance Level – This Is The Level
In a new post on the X platform, prominent cryptocurrency analyst Ali Martinez said: open Bitcoin’s recent price surge is expected to face significant on-chain resistance around the $60,680 area. This analysis is based on the cost basis distribution of Bitcoin’s supply around the current spot value of the leading cryptocurrency.
In basic cost analysis, the ability of a level to act as support or resistance depends on the total number of coins that investors last purchased at the level. As shown in the chart below, the point size reflects and is directly proportional to the number of bitcoins purchased within the corresponding price range.
Cost-basis distribution of the BTC supply around current price | Source: Ali_charts/X
The chart above shows that the $59,885 – $61,625 price range is currently filled with investors. According to data from IntoTheBlock, 1.52 million addresses have purchased over 770,390 BTC (equivalent to around $40.6 billion) between the price range.
Martinez highlighted that the $59,885-$61,625 price level could act as a key resistance area as investors are likely to make a move when the asset returns to its cost base. Investors who were previously in the red are usually willing to sell their holdings quickly once they enter profit, which could put a brake on Bitcoin’s price.
Martinez noted in his post that Bitcoin price could rise to $64,300 if the $59,885-$61,625 resistance area is broken. However, if the price fails to break this resistance, it could drop to $57,235.
Bitcoin Price at a Glance
At the time of writing, Bitcoin is trading at around $60,429, reflecting a 4.1% increase in the past 24 hours. The leading cryptocurrency’s performance has been even more impressive on the longer time frame. According to data from CoinGecko, Bitcoin is up more than 13% in the past seven days.
Bitcoin price breaks above the $60,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created using Dall-E, chart from TradingView
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