Bitcoin Will Be Set For New ATHs If It Breaks This Resistance: Analyst
Summary
Bitcoin's on-chain resistance at $66,250 is significant, as it represents the cost basis for over 2% of all Bitcoin UTXOs, making it a strong resistance level. A retest of this level could lead to selling reactions, as investors may seek to exit at their break-even point. However, once Bitcoin breaks past this level, it could be positioned for new all-time highs, as the levels after $66,250 are relatively thin. Currently, around 10% of all addresses are in the red on the Bitcoin network, with the price trading around $62,800.
