Bitcoin seeks resistance at $ 58,000

The price of Bitcoin (BTC) faced stiff resistance when it broke above $ 56,000 on October 8.

BTC / USD 1 hour candlestick chart (Bitstamp). Source: TradingView

$ 53,000 “makes sense” to buy from the bottom

According to data from Cointelegraph Markets and TradingView, the BTC / USD pair rose to a four-month high of $ 56,150.

The $ 58,000 resistance, which proved to be a critical level for the bulls earlier in the year, has once again entered analysts’ radar.

William Clemente, “Given that there has been a huge supply since the beginning of this year, it is not surprising to see that the $ 56- $ 58,000 area offers some resistance.” used the phrase.

“Around $ 53,000 would be sensible territory to buy at the bottom.”

BTC / USD (Coinbase) 1-day explanatory candlestick chart. Source: William Clemente / Twitter

This level represents both the $ 1 trillion market cap for Bitcoin and a major resistance zone that has been acting as support since Wednesday.

Amount of BTC stored or lost in the maximum of nine months

Bitcoin is approaching $ 60,000, but this time investors are adding to their existing positions rather than selling.

From on-chain analytics firm Glassnode data It shows that the percentage of BTC supply that is hidden or completely lost is at a maximum of nine months.

The latest example of how Bitcoin differs from the first phase of the bull run in the fourth quarter of this year, the data for “Hodled or Lost Coins” currently shows a total of 7,203,450,731 BTC.

Graph of accumulated and lost coins. Source: Glassnode / Twitter

Nine months ago, in January, the available supply was increasing rapidly as many more long-term investors were expected to benefit when the price rose.

Now the opposite is true. Since August, BTC has returned to long-term investors.

The previous peak of the data was the fourth quarter of 2020, just before the start of the main phase of the bull run after BTC / USD broke the previous all-time high of $ 20,000.

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