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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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On-chain data suggests more than 533,330 addresses FOMO’d into Bitcoin above $70,180. Following the latest plunge, these investors would all be in losses.

Over 500K Bitcoin Addresses Have A Cost Basis Between $70,180 & $71,340

As pointed out by analyst Ali in a post on X, many investors have bought at the recently high price levels. Below is the chart shared by the analyst that shows how the distribution of the BTC supply looks right now across the various price ranges.

Bitcoin Cost Basis

How the BTC cost basis distribution looks like for the price ranges near the current one | Source: @ali_charts on X

The data is from the market intelligence platform IntoTheBlock, which has used on-chain data to determine the average acquisition price for any given address based on when its coins moved into its balance.

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In the chart, the size of the dots represents the amount of coins that have their cost basis inside the corresponding range. It would appear that the $64,743 and $66,700 range is below the current price that hosts the cost basis of a significant amount of addresses.

More particularly, 382,000 addresses acquired 275,450 BTC at these levels. As the Bitcoin spot price is currently trading above this range, all these investors would naturally be carrying some profits.

Generally, investors are sensitive to retests of their cost basis, as such retests can potentially flip their profit-loss status. For holders who were in profit before the retest, the dip may appear as an opportunity to buy more.

The emerging reaction can be significant when many hands share their cost basis inside the same narrow range. If this retest occurs from above, the asset could feel some support as these investors rush to accumulate more.

Since the $64,743 to $66,700 range is dense with investors and is situated below the current spot price of the cryptocurrency, it could act as a major support center.

“Monitoring this level closely is crucial, as losing it could shift the focus to the next significant demand zone between $60,760 and $62,790, safeguarded by 797,500 addresses with over 298,000 BTC,” notes Ali.

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In terms of the levels above, the $70,180 to $71,340 range particularly stands out, as 533,330 addresses bought a total of almost 433,000 BTC. A lot of these new buyers would be those FOMO’ing into the asset after seeing it explore new all-time highs.

This large block, however, may serve as a point of resistance for the cryptocurrency. These fresh hands might sell just as quickly as they bought in when a retest of their cost basis happens since they may be willing to just exit at their break-even, fearing more drops in the near future.

BTC Price

Bitcoin has seen a sharp correction during the past day, following which its spot price is now trading around the $67,900 level.

Bitcoin Price Chart

BTC made a brief visit under the $66,000 level during this correction | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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