What are the Short-Term Support and Resistance Levels in Bitcoin? IntoTheBlock Explained!

The leading cryptocurrency, Bitcoin, dropped suddenly to $33,400 in the last hour.

While the reason for the decline in BTC is unknown, IntoTheBlock shared a post regarding the levels to follow in BTC.

Analyzing the next price levels to watch in Bitcoin, IntoTheBlock said that the $35,000 to $38,000-$39,000 range in BTC is important, based on buying activity recorded on-chain.

Pointing out that the $ 35,000 level, where 664,000 investors bought 340,000 BTC, is the next resistance point for Bitcoin, IntoTheBlock announced its upward and downward predictions for BTC.

At this point, if the resistance level of $ 35,000 is exceeded, the platform predicts that BTC can rise to the level of $ 38,000 and $ 39,000, and stated that in case of a possible correction, BTC will remain above $ 30,000.

“Bitcoin Levels to Watch: Based on purchasing activity recorded on-chain, we can determine the price levels where BTC may move next.

The $35,000 level, where 664,000 investors previously purchased 340,000 BTC, is the next resistance point for Bitcoin.

If this resistance level is breached, the next point where Bitcoin trading activity is concentrated could be around $38,000 to $39,000, where 333,000 BTC were purchased.

“On the other hand, in the event of a correction, buying activity appears to be concentrated just above $30,000, where 553,000 BTC was traded.”

Bitcoin Levels to Watch – Based on buying activity recorded on-chain, we can identify price levels where BTC may be heading next

🔼The recent high of $35,000 is the next resistance point for Bitcoin, where previously 664,000 holders bought 340k BTC
🔼If this level is surpassed,… pic.twitter.com/63oBOngxBQ

— IntoTheBlock (@intotheblock) October 27, 2023

*This is not investment advice.