Bitcoin Slips Under $64,000: Here’s Where The Next Support Is

Name	Symbol	Market	Market Cap ($)	Algorithm
Pepe	PEPEUSD	Crypto	5,048,280,000	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Pepe

PEPEUSD

Crypto

5,048,280,000

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000013	0.000013	0.000013

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000013

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000013	0.000012	0.000013	0.000013	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000013

0.000012

0.000013

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	02:23:18	79,746.00	0.000013	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

02:23:18

79,746.00

0.000013

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,278.01	4,113,137,410.25	PEPE	PEPEEUR

Price x Volume

Volume

Base Symbol

Related Pairs

51,278.01

4,113,137,410.25

PEPE

PEPEEUR

Bitcoin Slips Under $64,000: Here’s Where The Next Support Is

22/06/2024 12:00am

NEWSBTC

Bitcoin has continued its recent bearish trajectory during the past day as the asset’s price has now slipped under $64,000. Here’s what the next support looks like for BTC. Bitcoin Has Strong On-Chain Support Between $61,900 & $63,800 According to data from the market intelligence platform IntoTheBlock, BTC is floating just above a critical on-chain demand zone. Demand zones refer to price ranges where many investors last bought their coins. These ranges can be determined through on-chain analysis, as the average cost basis of each address on the network can be readily calculated through its transaction history. Related Reading: PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC Below is the chart shared by the analytics firm that shows the various price ranges near the current asset price in terms of the present demand. In the graph, the size of the dot corresponds to the number of addresses bought inside the respective range. It appears that Bitcoin currently has large demand zones both just above and below itself. According to IntoTheBlock data, the lower range currently holds the cost basis of around 1.23 million addresses for investors who bought 319,700 BTC. Now, what’s the relevance of a demand zone like this? To any investor, their cost basis is important, so when the price tests it, they may become more prone to making some move. Naturally, if many holders share their break-even level inside a narrow range, the reaction resulting from a retest would also be large. Because of this reason, zones of major demand are considered to be important support or resistance levels for Bitcoin. Cost basis centers above the price can act as resistance walls, while those below can provide support cushions. Since BTC is hovering just above a major demand zone between $61,900 and $63,800 after its latest decline, it’s possible that the range could help the asset reach a bottom. As for the source of the support or resistance effect provided by these demand zones, the answer lies in investor psychology. The holders currently in loss may be looking forward to the price hitting their cost basis to exit with their initial investment. This selling that may appear upon a retest of many investors’ shared break-even level can pose resistance to BTC. Similarly, the investors below can react to a retest by buying more, as they could look at the drop as a dip opportunity, thus supporting the asset. Related Reading: IntoTheBlock Reveals Fact About Current Bitcoin Situation Analysts Are Puzzled By It now remains to be seen if the support zone between $61,900 and $63,800 would put an end to Bitcoin’s recent bearish momentum or not. BTC Price After the latest drawdown, Bitcoin has just entered into the on-chain demand zone, as its price is now trading around $63,600. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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