Bitcoin faces a huge resistance of 58,000 USD as new data shows that the behavior of holders is opposite to the first quarter


Bitcoin (Bitcoin) Facing strong resistance near the highs before October 8th as a new More than 56,000 USD It’s over soon.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Buy dipping sauce? $53,000 is “logical”

Data from Cointelegraph Markets Pro with Transaction view Track BTC/USD as it retreated from a four-month high of $56,150.

The area is close to $58,000, which has proven The essential For the bulls earlier this year, they came back to haunt them that day, which is not shocking to analysts.

“It’s not surprising to see this $5.6-5.8 million area offering some resistance, because there was a lot of indirect supply there earlier this year,” William Clement Comment.

“About $53,000 is a reasonable area to buy on dips.”

BTC/USD 1-day annotated candlestick chart (Coinbase).Source: William Clement/Twitter

This level not only represents the market value boundary of Bitcoin’s $1 trillion, but also represents the location of the main resistance zone that once served as support From Wednesday.

“Hold or Lost” BTC hits a nine-month high

Bitcoin is close to $60,000 – this time, investors are increasing their positions, not selling.

related: With BTC breaking through USD 55,000, CME Bitcoin derivatives traders have “paper hands” — report

data Data from the on-chain analytics company Glassnode shows that the percentage of BTC supply that is shelved or permanently lost has reached the highest level in nine months.

The latest example of how Bitcoin differs from the first phase of the bull market in the fourth quarter of this year-“Hodled or Lost Coins” now totals 7,203,450.731 BTC.

Hodled and Lost Coin chart. Source: Glassnode/Twitter

Nine months ago, in January, supply increased rapidly as price discovery led to more and more long-term investors realizing profits.

Now, the opposite phenomenon is happening-since August, BTC has returned to the hands of its holders.

The previous peak of this indicator was in the fourth quarter of 2020, just after BTC/USD broke the previous all-time high of $20,000 and before the start of the main phase of the bull market.

These figures are consistent with existing reports of long-term hodler behavior, Cointelegraph Reported before Has reached its high point.