September has brought significant focus on Bitcoin’s price history, highlighting the largest cryptocurrency by market cap. Although the month got off to a shaky start with generally pessimistic outlooks, Bitcoin has not had a disastrous experience during this historically challenging period.
BTC has recently enjoyed a notable upswing, surpassing the key $60,000 threshold by the end of the week. However, a well-known crypto analyst has offered a compelling forecast for Bitcoin’s price in the days ahead.
BTC Price Nearing Crucial Resistance – Here’s What to Watch For
In a recent update on the X platform, distinguished crypto analyst Ali Martinez indicated that Bitcoin’s most recent price rally might encounter significant on-chain resistance close to the $60,680 mark. This assessment stems from the cost-basis distribution of Bitcoin supply relative to its current market value.
Cost-basis analysis evaluates how a specific price level may function as support or resistance based on the total volume of coins acquired by investors at that point. The chart below illustrates this concept, where the size of the dot correlates to the volume of bitcoins bought in the specified price range.
Cost-basis distribution of the BTC supply around current price | Source: Ali_charts/X
The above chart shows that the price range of $59,885 – $61,625 is densely populated with investors. According to IntoTheBlock data, approximately 1.52 million addresses purchased over 770,390 BTC (amounting to around $40.6 billion) within this range.
Martinez emphasized that this $59,885 – $61,625 price area could pose a significant resistance barrier because investors may act when the price returns to their acquisition cost. Generally, those who have been in a loss might be eager to sell quickly once they enter profit, potentially obstructing Bitcoin’s upward movement.
According to Martinez, if Bitcoin successfully breaks through the $59,885 – $61,625 resistance zone, it could rise to $64,300. Conversely, if it fails to breach this resistance, a decline to the $57,235 level could occur.
Bitcoin Price Overview
As of now, Bitcoin’s price is approximately $60,429, reflecting a 4.1% gain over the last 24 hours. The cryptocurrency’s performance is even more remarkable over a longer timeframe. Data from CoinGecko shows that Bitcoin’s price has surged by over 13% in the past week.
Bitcoin price surpasses the $60,000 level on the daily chart | Source: BTCUSDT chart on TradingView
Featured image created with Dall-E, chart from TradingView
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