The market intelligence platform IntoTheBlock has revealed where the next major obstacle for Bitcoin could lie, according to on-chain data.
Bitcoin Has A Major Supply Wall Between $95,400 & $98,200
In a new post on X, IntoTheBlock has discussed about how the various BTC price ranges are looking in terms of on-chain resistance and support. In on-chain analysis, the strength of any support or resistance range is assumed to lie in the amount of supply that was last purchased/transacted by investors at price levels falling in said range.
That is, strong support/resistance ranges carry the cost basis of a large number of addresses. The reason behind this is that to any investor, their break-even level is naturally a special level, so when retests of it happen, they are probable to make some kind of move.
Holders who were in loss prior to such a retest may be tempted to sell, as they would at least recoup all of their investment. Investors who were in profit, however, may de
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