Bitcoin eyes massive $58K resistance as new information exhibits hodlers performing the alternative 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 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 can be a logical space to purchase a dip.”

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

That degree represents each the $1-trillion market capitalization boundary for Bitcoin and the positioning 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 most recent instance of how Bitcoin in This autumn this yr is totally different from the primary section 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 provision turning into out there was quickly growing, as worth discovery induced ever-larger numbers of longtime buyers to understand income.

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

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

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