Bitcoin Plunges Under $63,000, Here’s Where Next On-Chain Support Is
Summary
Bitcoin's price has fallen below $63,000, and on-chain data suggests potential support levels. Analyst Ali's post on X discusses support and resistance levels based on the "UTXO Realized Price Distribution" indicator. The $61,100, $56,685, and $51,530 levels hold notable supply cost basis below the current price, potentially acting as support. Levels at $66,990 and $72,880 have larger cost basis populations and could pose resistance if Bitcoin regains upward momentum. The relevance of acquisition centers in on-chain analysis lies in investors' reactions during cost basis retests. Bitcoin's price is now at $62,700, nearing the first major on-chain support level.
