On-chain data suggests Bitcoin has a large wall of resistance ahead of it currently. Here are the exact levels that make up this important range. A Large Amount Of Bitcoin Supply Was Purchased Between $42,700 & $44,000 According to data from the market intelligence platform IntoTheBlock, BTC is sitting just below a significant on-chain resistance zone. In on-chain analysis, the strength of any resistance or support level is defined based on the number of coins acquired by the investors there. To any holder, their cost basis is naturally an important level; thus, they may be more prone to make some moves whenever the cryptocurrency’s spot price retests their profit-loss boundary. Related Reading: XRP Investors Become Fearful: Time To Buy? How the investors might react to such a retest can change depending on the direction of the retest. Holders at a loss can sometimes be desperate to exit the market, so if the price retests their cost basis (that is, the retest is happening from below), they might sell to at least be able to get back th ..
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