Bitcoin eyes big $58K resistance as new data shows hodlers acting the opposite to Q1

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Bitcoin (BTC) confronted stiff resistance close to earlier highs on Oct. 8 as a recent push over $56,000 shortly ended.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Shopping for the dip? $53,000 is “logical”

Information from Cointelegraph Markets Pro and TradingView tracked BTC/USD because it got here off four-month highs of $56,150.

The world close to $58,000, which had proved a sticking point for bulls earlier within the yr, returned to hang-out them on the day, one thing which didn’t come as a shock to analysts.

“Not stunning to see this $56–$58K space offering some resistance as there’s a good quantity of overhead provide there from earlier this yr,” William Clemente commented.

“~$53K could be a logical space to purchase a dip.”

BTC/USD 1-day annotated candle chart (Coinbase). Supply: William Clemente/Twitter

That stage represents each the $1-trillion market capitalization boundary for Bitcoin and the location of what was as soon as a serious resistance zone performing as help since Wednesday.

“Hodled or misplaced” BTC hits nine-month excessive

Bitcoin is nearing $60,000 — however this time, buyers are including to their positions, not promoting.

Associated: CME Bitcoin derivative traders had ‘paper hands’ as BTC broke $55K — Report

Data from on-chain analytics agency Glassnode exhibits that the proportion of the BTC provide that’s both hodled or misplaced for good is at its highest in 9 months.

The newest instance of how Bitcoin in This fall this yr is totally different from the primary part of its bull run — “Hodled or Misplaced Cash” now whole 7,203,450.731 BTC.

Hodled and Misplaced Cash chart. Supply: Glassnode/Twitter

9 months in the past in January, the availability changing into obtainable was quickly rising, as worth discovery prompted ever-larger numbers of longtime buyers to appreciate income.

Now, the other phenomenon is in impact — since August, BTC has been going again into the fingers of hodlers.

The metric’s earlier peak was This fall 2020 simply earlier than the principle part of the bull run took off after BTC/USD handed earlier all-time highs of $20,000.

The figures tie in with current protection of long-term hodler conduct, which Cointelegraph previously reported had reached highs of its personal.