Data shows Bitcoin is losing a major region of on-chain support with its latest plunge. Here’s the range where the next zone lies for the asset.
Bitcoin Has Slipped Under $41,200 To $42,400 Support Region
As explained by analyst Ali in a post on X, BTC has slipped under a key on-chain support zone today. An “on-chain support” range refers to a price below the current spot price of the cryptocurrency that hosts the cost basis of many investors.
For any holder, the cost basis, the price at which they bought their coins, is a fundamental level, as a retest of it by the cryptocurrency can change their profit-loss balance.
Investor psychology works such that if this retest of the cost basis happens from above (meaning that the holder had been carrying profits before this), the holder might react by buying more of the asset because they may believe this same price range could turn out to be profitable again in the future.
On the other hand, any investor who had been in a loss earlier
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