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Analysis: $11.7K is the key resistance level for BTC's rebound, with a significant on-chain volume of over 50K BTC stacked above this price point.
BlockBeats News, September 15th, on-chain data analyst Murphy stated that based on BTC Cost Basis Distribution (CBD) data, there is a dense accumulation area above the current price, with a quantity of over 500,000 coins, and a cost basis ranging from $117,300 to $119,100. The $117,000 price has transformed from the strongest support level into the major resistance level for BTC rebound. These coins were roughly accumulated around July 15th to July 22nd this year, and the holders have not sold during BTC's pullback but have held to this day. The overall market sentiment is still cautious. Once these holders shift from unrealized losses to break-even, it will significantly impact the height of BTC's rebound.
Combining the "MVRV Extreme Divergence Pricing Range," since the start of this round of the market in April this year, it has been running between the yellow and orange lines of the pricing range, forming an upward trend channel. The lower bound of the current channel has moved up to $117,500, with the upper bound at $128,700. If BTC can smoothly break through the aforementioned resistance range and not fall below it on a retest, it means that BTC will once again return to the upward trend channel from April to August and may see the rebound reach the upper bound of the channel. This analysis is for learning and communication purposes only and is not investment advice.
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