Bitcoin, the leading cryptocurrency, has reached a new high of over $29,000 per BTC, as it continues its epic price surge that started in late August. According to crypto analytics platform IntoTheBlock, this is a key resistance level that was acquired by more than 1.77 million addresses.
Bitcoin is experiencing positive price movement. Key resistance is anticipated around $29.2K — a point of acquisition for over 1.77M addresses. Market sentiment will be the key factor determining if these addresses hold or sell as we approach this threshold. pic.twitter.com/gtex41pzrU
— IntoTheBlock (@intotheblock) September 19, 2023
The price of Bitcoin has risen by more than 8.3% from its local low of $24,900, and it currently stands at around $27,000 per BTC. This is the highest price point in the last three weeks, generating a lot of excitement and optimism among the crypto community. However, not all Bitcoin holders are in the green.
According to IntoTheBlock, there are 16.02 million addresses holding a total of 6.43 million BTC in the red. Most of these addresses purchased Bitcoin within the price range of $43,260 to $67,400 per BTC, which coincided with the peak price zone in May and June.
On the other hand, there are 31.34 million addresses that collectively hold 12.03 million BTC in the green. However, the highest concentration of loss-making coins stands at 2.23 million BTC. These were purchased in the range of $27,285 to $30,330, which is very close to the current price level.
Market Sentiment Is the Key Factor
Bitcoin is nearing the critical $29,200 resistance level, leaving the fate of nearly two million investors hanging in the balance. The ultimate determinant lies in the market sentiment. It will indicate whether Bitcoin can break through this significant barrier and reach new milestones.
Some experts believe that Bitcoin’s bullish momentum remains strong, with projections ranging from $30,000 to even higher by year-end. They attribute this optimism to factors like increased institutional adoption, regulatory clarity, innovative advancements in the crypto sector, and burgeoning demand from emerging markets.
However, there are risks and challenges that might impede Bitcoin’s growth as well. These include regulatory uncertainties, cyber threats, technical issues, sustainability concerns within the crypto sphere itself, competition from alternative cryptocurrencies, and market volatility.
The current price of Bitcoin stands at $27,185.47 per BTC/USD with a market cap of $529.88B USD. The 24-hour trading volume amounts to $11.74B USD, and Bitcoin has experienced a -0.51% change in the last 24 hours. Notably, the circulating supply for bitcoin is 19.49M.
The current remarkable price surge of Bitcoin continues while it confronts a critical obstacle at $29,200 per BTC. Overcoming this hurdle hinges on both investor sentiment and millions of individual actions taken within the crypto industry.