There is a lot about the Bitcoin price history in September, putting the largest cryptocurrency by market cap in the spotlight. Despite a shaky start and generally negative expectations, the leading cryptocurrency has not exactly had a dismal run in this historically negative month.
The price of BTC has been on a roll over the past seven days, breaking the psychological $60,000 level to close out the week. However, a popular crypto expert has come up with an interesting forecast for the Bitcoin price in the coming days.
BTC Price Approaching Key Resistance – Here’s the Level
In a new post on the X platform, leading crypto analyst Ali Martinez says revealed that Bitcoin’s latest price surge could face major on-chain resistance around the $60,680 zone. This analysis is based on the cost basis distribution of BTC supply around the current spot value of the flagship cryptocurrency.
In cost basis analysis, the potential of a level to act as support or resistance depends on the total amount of coins that investors last bought at that level. As shown in the chart below, the size of the dot reflects the amount of bitcoins bought within the corresponding price range and is directly proportional to it.
Cost-basis distribution of the BTC supply around current price | Source: Ali_charts/X
The chart above illustrates that the $59,885 – $61,625 price range is currently thick with investors. According to data from IntoTheBlock, 1.52 million addresses purchased over 770,390 BTC (equivalent to around $40.6 billion) between the price range.
Martinez emphasized that this price level of $59,885 – $61,625 could act as a major resistance zone as investors are likely to make a move when an asset returns to its cost basis. Typically, investors who were previously in the red are quick to sell their holdings once they make a profit, which could act as a barrier for the Bitcoin price.
Martinez noted in his post that the Bitcoin price could rise to $64,300 if the $59,885 – $61,625 resistance zone is broken. However, if the price fails to break this resistance, a pullback towards the $57,235 level is possible.
Bitcoin Price at a Glance
At the time of writing, the Bitcoin price is trading at around $60,429, reflecting a 4.1% increase over the past 24 hours. The performance of the leading cryptocurrency is even more impressive in the larger time frame. According to data from CoinGecko, the price of Bitcoin is up by more than 13% in the past seven days.
Bitcoin price breaks above the $60,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Main image created with Dall-E, chart from TradingView