2024

Bitcoin

Dogecoin

April

Pyth Network

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is back trading in the $69,000 price range, slightly below the psychological <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> of $70,000. On a volatile day, cryptocurrency traders look for insights on relevant <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> and <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a>s for the week.</p>
 <p class="paragraph">One way of spotting these key levels is by using on-chain data to identify price ranges with potential buying or selling pressure. In particular, <em>IntoTheBlock</em> provides data on the Bitcoin volume that is “in or out of the money,” on April 10.</p>
 <p class="paragraph">For example, the 614,250 BTC kept by 1.14 million addresses can form support between $66,555 and $68,585, averaging $67,578 per Bitcoin. This is because investors who previously purchased at these prices are currently profitable and likely to repeat the strategy.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">On the other hand, Bitcoin has significant selling pressure on the $69,891 average price, potentially forming resistance. There are 679,630 BTC out of the money between $69,383 and $70,108. Therefore, the 923,310 addresses holding this currently unrealized loss could be encouraged to sell and break even in this range.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="384" src="https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp" alt class="wp-image-167944" srcset="https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp 1024w, https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp 300w, https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp 768w, https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp 1536w, https://cdn.thebittimes.com/images/2024/04/11/d3cb36b5863f6088fba028fe5e31111a.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   In/Out of the Money Around Price. Source: <em>IntoTheBlock</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-btc-support-and-resistance-price-analysis">BTC support and resistance price analysis</h2>
 <p class="paragraph">Interestingly, the on-chain <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> zone is aligned with technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> at $68,500, at the bottom of a trading range. During today’s dip, Bitcoin briefly lost its range, just to quickly retrace inside of it again.</p>
 <p class="paragraph">As a result, BTC tested and validated the aforementioned expected buying pressure within the “in the money” volume. Particularly trading as low as $67,500, on the averaging price support we previously observed.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp" alt class="wp-image-167945" srcset="https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp 1024w, https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp 300w, https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp 768w, https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp 1536w, https://cdn.thebittimes.com/images/2024/04/11/e1ea6ee120b2e973b96e6e8967135c28.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC/USD 4-hour price chart. Source: <em>TradingView</em> (Finbold)
  </figcaption>
 </figure>
 <p class="paragraph">Now, investors must watch for both levels, as they could tighten Bitcoin’s trading range, or provide valuable buy and sell signals in case BTC breaks any of them. Potentially moving to the following supports and resistances. As of writing, Bitcoin trades at $69,283 and a breakout to the upside could test the range’s top at $71,500.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-support-and-resistance-levels-to-watch-this-week-tbt85040.html">https://thebittimes.com/bitcoin-support-and-resistance-levels-to-watch-this-week-tbt85040.html</a></p>

Bitcoin support and resistance levels to watch this week

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TheBitTimes

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