The Bitcoin price history in September has been a focal point for many traders and investors, shining a light on the largest cryptocurrency by market capitalization. Despite a somewhat shaky start and generally bearish expectations, Bitcoin hasn’t exactly had a dismal performance in this historically tough month. Over the last seven days, Bitcoin has been on an impressive run, breaking the significant $60,000 barrier to close the week. A renowned crypto analyst, however, has recently shared an intriguing forecast for Bitcoin’s price in the near future.
BTC Price Approaching Key Resistance — Here’s The Level
In a recent post on the X platform, well-known crypto analyst Ali Martinez highlighted that Bitcoin’s recent price surge might encounter substantial on-chain resistance around the $60,680 area. This assessment is grounded in the cost-basis distribution of Bitcoin’s supply near the current market value of the leading cryptocurrency.
Cost-basis analysis determines a level’s potential to act as support or resistance based on the total amount of coins last acquired by investors at that level. As depicted in the accompanying chart, the size of each dot is proportional to the number of bitcoins purchased within the corresponding price range. This visual representation underscores the density of investors in specific price brackets, offering insights into potential market movements.
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The chart reveals that the $59,885 – $61,625 price range is densely populated with investors. Data from IntoTheBlock indicates that over 1.52 million addresses acquired approximately 770,390 BTC (valued at around $40.6 billion) within this range. Martinez emphasized that this price level could serve as a major resistance zone, as investors might opt to sell their holdings once they break even or turn a profit, potentially creating a barrier for Bitcoin’s price ascent.
Martinez speculated that if Bitcoin successfully breaches the $59,885 – $61,625 resistance zone, the price could surge to $64,300. Conversely, if the price fails to overcome this resistance, a decline to the $57,235 level is plausible.
Bitcoin Price At A Glance
As of the current writing, Bitcoin’s price is approximately $60,429, marking a 4.1% increase over the past 24 hours. This performance is even more remarkable over a longer timeframe. According to data from CoinGecko, Bitcoin’s price has risen by more than 13% in the past seven days, showcasing strong momentum.
Bitcoin’s recent price movements have caught the attention of the crypto community, and the upcoming days will be crucial in determining whether the premier cryptocurrency can sustain its upward trajectory or face significant resistance. Investors and traders will be closely monitoring these key levels to make informed decisions in the volatile crypto market.
