There has been much talk about the Bitcoin Price History In September, the largest cryptocurrency by market capitalization received special attention. Despite a somewhat shaky start and generally bearish expectations, the leading cryptocurrency has not exactly had a dismal period in this historically negative month.
The BTC price has seen a major breakthrough over the past seven days, breaking through the psychological $60,000 level to close out the week. However, a popular cryptocurrency expert has come up with an interesting forecast for the Bitcoin price in the coming days.
BTC price is approaching key resistance: this is the level
In a new post on the X platform, prominent cryptocurrency analyst Ali Martinez revealed that Bitcoin’s latest price surge could face significant on-chain resistance around the $60,680 zone. This analysis is based on the cost-based BTC supply distribution around the flagship cryptocurrency’s current spot value.
In cost-benefit analysis, the potential of a level to act as support or resistance depends on the total amount of coins last purchased by investors at that level. As shown in the chart below, the size of the point reflects and is directly proportional to the amount of bitcoins purchased within the corresponding price range.
Cost-basis distribution of the BTC supply around current price | Source: Ali_charts/X
The chart above shows that the $59,885 – $61,625 price range is currently crowded with investors. According to data from IntoTheBlock, 1.52 million addresses purchased over 770,390 BTC (equivalent to approximately $40.6 billion) in that price range.
Martinez highlighted that this $59,885 – $61,625 price level could act as a major resistance zone because investors are likely to make a move when an asset returns to its cost basis. Typically, investors who were in the red before may want to quickly sell their holdings as soon as they enter profits, which could place a barrier on Bitcoin’s price.
Martinez noted in his post that the Bitcoin price could rise up to $64,300 if the resistance zone of $59,885 to $61,625 is overcome. However, if the price fails to overcome this resistance, it is likely to decline to the $57,235 level.
Bitcoin price at a glance
At the time of writing, the price of Bitcoin is hovering around $60,429, reflecting a 4.1% increase over the past 24 hours. The performance of the leading cryptocurrency is even more impressive on the broader time frame. According to data from CoinGecko, the price of Bitcoin is on the rise by more than 13% in the last seven days.
Bitcoin price breaks above the $60,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created with Dall-E, chart by TradingView
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