Bitcoin price The traders face a new resistance as they approach the average cost level of the chain. According to Cryptoquant’s data, the $ 91 – 92 thousand dollars stands out as a critical region that can slow down the upward movement of the price. This level, known as “Trader’s Realized Price” (costing cost), works as a strong resistance point, especially under market pressure.
Bull Score Data Question the rise in Bitcoin
CryptoquantThe Bull Score Index offers an important data set that shows that the market is in a bull or bear trend. When this indicator increases over 60, the optimism and purchase appetite in the market show high, while values below 40 levels show that the market is undecided and under pressure. In the current table, Bull Score is still below 60 levels and this BitcoinIt causes the upward movement of the upward movement to be approached with suspicion.
Bull ScoreThe fact that he remains low is the courage of investors. Even if the price rises, the market structure is cautious. In the light of these data, price movements are not supported, the lack of volume continues and the rise is based on weak foundations. The range of 91 – 92 thousand dollars is not only a technical resistance, but also as a psychological threshold.
The price was stuck at the average purchase level of traders
Trader Realized Pricerepresents the average of trading costs in the chain. While this level worked as a support during the bull periods in the past, it became a strong point of resistance during the bear periods. The current data reveals that the market still maintains the characteristics of the bear, and the price is difficult to cross this level.
This cost level, which is shown with the pink line in the graph, is one of the points that Bitcoin paused in 2021 and 2022. This shows that investors tend to turn to this level historically. Therefore, the band of 91 – 92 thousand dollars is not only one resistance, but also the determining region of the search for direction.
In order for the Bitcoin market to gain strength again, this level needs to be overcome in a voluminous way. Otherwise, sales pressure in this region may trigger a new correction in the short term.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
