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"Due to BTC's price leading on the bear market basis from 2021-2022, the next price trend for BTC remains uncertain until it breaks through this resistance range or accumulates upward.
BTC's price and the supply of profit are stuck within the resistance range.
To drive the coin's price up, these ranges must be breached.
At the current price level, the value of leading Bitcoin [BTC] remains based on the bear market from 2021-2022, as noted by CryptoQuant analyst BaroVirtual in a recent report.
According to the analyst, BTC faces ""long-term resistance"" within the price range of $29,808 to $35,078. This price level is where the coin bottomed during the bear market of 2021-2022, and breaking through it has become a very challenging range in the current market cycle.
BaroVirtual further notes that one factor causing the current price fluctuations in BTC is the supply of held coins. In relation to this, the analyst compares the current price trends to what happened in the early stages of the bull markets in 2012 and 2016.
BaroVirtual points out,
""The change in profit supply conceptually reminds me of the period from May 2015 to June 2016 and <> to <>.""
What this means
This may suggest that many people are holding coins they purchased at lower prices and are waiting to sell at higher profits.
This could prevent BTC from breaking its bear market basis as profit-taking investors seek to sell for more gains.
To drive the coin's price up, it must break through the 65.95-76.31 resistance range. As the analyst states:
""Before a successful breakthrough of the 65.95-76.31 resistance range, there may be conflicting or uncertain price movements in Bitcoin. On the other hand, the situation may indicate re-accumulation.""
This means that BTC's price direction may remain uncertain until it breaks through this resistance range or goes through a period of accumulation where investors buy more assets." |
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Post time 11-10-2023 14:44:01
