On-chain data shows Bitcoin currently has a thick supply wall between the $60,300 and $62,155 levels that may prevent the asset from falling lower.
A Large Amount Of Bitcoin Was Bought Near Current Prices
As explained by analyst Ali in a new post on X, BTC has a major support wall just below it right now. In on-chain analysis, the strength of support and resistance levels is gauged through the amount of Bitcoin that the investors bought at them.
The chart below shows how the distribution of the investor cost basis has looked like for BTC across the price ranges near the current spot value:
Here, the size of the dot represents the number of tokens that the addresses bought between the corresponding price levels. From the graph, it’s apparent that the $60,300 to $62,100 range has a particularly high density of coins right now.
Most of the price levels in this range lie just below the current spot price of the cryptocurrency, meaning that the investors who bought here woul
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