Bitcoin (BTC) market turned out to be quite turbulent in the last week after a price decline under $ 75,000 was followed by a recovery to over $ 83,000. With the main Cryptocurrency showing indications of a long -term trend, blockchain analysis company has been identified.
Bitcoin realized price reveals potential strong obstacles to $ 84,000 and $ 96,000
IN An X post On April 11, Cryptoquant shared a report on the chain on the BTC market that indicates a potential meeting with two major resistance to $ 84,000 and $ 96,000 if Bitcoin maintains its current upward track. These price barriers are revealed by Realized price Metric that reflects the average price at which the current range of BTC last moved on the chain and thus determines the market -comprehensive cost base.
When Bitcoin acts above this level, it indicates a healthy Haussey momentum with the majority of the holders in profit. Conversely, when BTC is below the threshold, it suggests the underwater feeling because most investors have a loss. Therefore, the realized price often serves as a crucial market turn that serves as strong support during the bull markets and rigid resistance in bear phases. According to Julio MorenoHead of research on CryptoquantBTC’s current realized price on the chain is $ 96,000 with an immediate lower price band of $ 84,000.
Interestingly, these two price levels have served as important support zones in the previous hause phase in the current market cycle. However, there is potential for both zones to act as resistance in the middle of the ongoing market correction. But if Bitcoin can go over $ 84,000 and $ 96,000, it can denote the resumption of the bull market with the potential for the main Cryptocurrency to trade as high as $ 130,000. This estimated profit would represent an increase in current market prices of 55%.
BTC Price overview
At the press time, Bitcoin continues to trade at $ 83,180, which reflects a profit of 3.65% on the past day. At the same time, daily trade volume drops by 11.99% and is valued at $ 39.19 billion.
In the midst of continuous macroeconomic development, which is driven by the US government’s customs changes, the crypto market continues to show a strong level of uncertainty and assets fail to create a clear momentum. Blockchain Analytics Glassnode reports The fact that Bitcoin investors have formed a strong support zone for $ 79,000 and $ 82,080 where over 40,000 BTC and 51,000 BTC have accumulated.
At the advent of each downward trend, both price levels are to offer short -term support and prevent further price falls. With a market value of $ 1.66 trillion, Bitcoin remains the largest digital asset that accounts for over 60% of the crypto market ceiling.
Image from CNN, chart from tradingview.com
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