On-Chain Data Reveals Critical Support Levels For Bitcoin Price — Details
The Bitcoin price has managed to stay above $110,000 over the weekend, and on-chain data shows that the premier cryptocurrency sits above three crucial support levels. Here are the critical levels to watch out for over the next few weeks. Where Are The Next Support Levels For BTC? On Saturday, September 6, prominent crypto analyst Ali Martinez took to the social media platform X to offer on-chain insights into the current layout of the Bitcoin price. This price evaluation, which revolves around the BTC UTXO Realized Price Distribution (URPD) metric, shows the next support levels for....
Related News
Prominent analytics firm Glassnode has shared new on-chain insights into the Bitcoin market, pointing to the next major support zone amid a euphoric market mood on Friday. The world’s leading cryptocurrency briefly surged to above $117,000 after comments from US Federal Reserve Chairman Jerome Powell signaled a possible shift away from the central bank’s long-standing hawkish stance. Related Reading: When Will Bitcoin Bottom Out? This Could Be The Signal To Watch Bitcoin’s Crucial Defense Level At $104,000–$108,000: Data In an X post on August 22, Glassnode explains that Bitcoin’s UTXO....
Chainlink (LINK) has faced significant volatility this week. Its price dropped over 13% from Monday’s high, bringing LINK to a critical support level of around $11.20. Traders and investors are closely monitoring this crucial area. Related Reading: LINK Surges 11% As Key Data Reveals Day Traders Are Locking Gains The importance of this level is further emphasized by on-chain data from Santiment, which shows that demand for LINK is cooling off. This adds to the uncertainty surrounding the asset’s near-term price action. The next few days will be pivotal as Chainlink hovers....
Bitcoin has approached the $30,000 mark with a sharp rally today, but on-chain data suggests the level could provide some major resistance. 1.49 Million Addresses Bought Around The $30,000 Level According to data from the market intelligence platform IntoTheBlock, the most significant potential resistance for BTC is at the current levels. The “resistance” here refers to not the technical resistance, but rather the on-chain one. From the on-chain perspective, levels are defined as resistance/support on the basis of the concentration of investors/addresses who bought at said....
Ethereum has been struggling to regain momentum, trading below the critical $2,800 mark since last Thursday. Bulls are in trouble as the price remains trapped under key supply levels, leaving investors concerned about Ethereum’s short-term future. Many who expected a bullish year for the second-largest cryptocurrency are now questioning their outlook after last week’s massive selling pressure took ETH from $3,150 to $2,150 in less than two days. Related Reading: Can Bitcoin Hold $97K? – 1-3 Month Holders’ Data Reveals Crucial BTC Demand The recent price action has amplified fear and....
Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead. Bitcoin Levels Ahead Are Thin With Addresses Right Now According to data from the market intelligence platform IntoTheBlock, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not. The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis....