The Bitcoin price has succeeded in staying above $ 110,000 this weekend, and data on chains shows that the Prime Minister Cryptocurrency is above three crucial support levels. Here are the critical levels to pay attention in the coming weeks.
Where are the following support levels for BTC?
On Saturday, September 6, the prominent crypto analyst Ali Martinez went to the social media platform X to supply Insights on the chain in the current layout of the Bitcoin prize. This price evaluation, which revolves around the BTC UTXO realized price distribution (URPD) metric, shows the following support levels for Bitcoin.
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The capacity for a price level to act as a support or resistance zone in the chain usually depends on the number of investors who have their cost base at the given level. The cost basis of an investor refers to the actual price at which they have purchased a cryptocurrency (Bitcoin, in this case).
The relevant indicator here – UTXO realized price distribution – turns the amount of a certain cryptocurrency that was obtained at a specific price level. Mostly price levels under the current spot value with substantial purchase activity are often considered important support zones. In the meantime, levels above the current price with significant investor cost bases usually act as large resistance areas.
As shown in the graph above, $ 108,250, $ 104,250 and $ 97,050 are the following crucial support levels for the Bitcoin price. Data from Glassnode shows that nearly 432,000 coins were purchased in the $ 108,250 zone, while around 401,000 coins were purchased around the $ 104,250 region. In the meantime, 404,000 BTC were taken over around the $ 97,054 area.
The reason behind this is that investors with A cost basis around these price levels will probably double in their positions and buy more coins. This increased purchase activity will therefore, Provide a pillow for the Bitcoin price to keep floating and possibly bouncing back.
It is worth noting that the next major resistance level for the Bitcoin price is approximately $ 116,963 on the basis of the URPD -Metriek. Different investors (550,000 coins) around this level will probably close their positions when price running rises to the cost basis, so that the BTC price exerts downward pressure.
Bitcoin -price at a glance
At the moment the price of BTC is around $ 110,628, which does not reflect a significant movement in the last 24 hours. According to data from Coingecko, the Prime Minister Cryptocurrency has risen by more than 1% in the last seven days.
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Featured image of Istock, graph of TradingView