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

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

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

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

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

The realm close to $58,000, which had proved a sticking level 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 shocking 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 can 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 assist 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 by-product merchants had ‘paper arms’ as BTC broke $55K — Report

Data from on-chain analytics agency Glassnode reveals 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 completely different from the primary part of its bull run — “Hodled or Misplaced Cash” now complete 7,203,450.731 BTC.

Hodled and Misplaced Cash chart. Supply: Glassnode/Twitter

9 months in the past in January, the availability changing into accessible was quickly growing, as worth discovery brought about ever-larger numbers of longtime buyers to comprehend income.

Now, the other phenomenon is in impact — since August, BTC has been going again into the arms 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 beforehand reported had reached highs of its personal.