Editor's PiCK
"Bitcoin, thick sell wall in the $110,000~$114,000 range… $117,000 is a resistance zone"
Minseung Kang
Summary
- "Bitcoin" reported that a thick support has formed in the $110,000~$114,000 range.
- They said this range is where a significant volume was bought, and it is likely to serve as a major support in a short-term correction.
- The next major supply zone is around $117,000, and they said this range could act as a resistance.
Bitcoin (BTC) is forming a thick support in the $110,000~$114,000 range, according to analysis.
On the 12th, on-chain data analytics firm Glassnode said on its official X (formerly Twitter), "Looking at Bitcoin's cost basis distribution (cost basis distribution), a dense support is forming in the $110,000~$114,000 range." The price range is where a significant amount was purchased, and it is likely to act as a key support in the event of a short-term correction.
It added, "The next major supply zone is around $117,000, and if the price reaches that area it could act as a resistance."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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