On-chain analytics firm, Glassnode, has reported that there is now solid support at the $47,000 level for Bitcoin (BTC). The firm made its discovery public in its latest Week on Chain report based on an analysis from chart expert Willy Woo and data scientist Rafael Schultze-Kraft.
Woo noted that a significant volume of BTC got transacted on-chain around $45,000, creating an on-chain support level at the end of last week.
Meanwhile, Schultze-Kraft noted that his proposed support level has solidified above $46,600, with 1.2 million BTC transacting in this zone.
Glassnode highlighted that:
“When a large volume of coins move on-chain, and an on-chain support level holds, it suggests that there is significant accumulation interest and buyers see it as a ‘value’ entry point.”
However, the company mentioned that if the price of BTC falls below the proposed solid support level, it could immediately become a level where overhead supply creates an equally solid resistance.
Based on the UTXO Realized Price Distribution Metric, the on-chain support level at $47,000 has been the largest ever since when the BTC price was at $11,000.
The firm noted that:
“This range now represents one of the largest on-chain BTC accumulation levels in history, certainly the largest since the last cycle’s $20k ATH was breached.”
Key BTC Levels to Watch — March 9
Bitcoin appears to have regained a goodish bullish momentum after bulls finally cleared the $51,400 pivot point. The break above that line accelerated a bullish recovery for the benchmark cryptocurrency to the $54k resistance.
That said, Bitcoin has been struggling to break above the $54k resistance for a while now and could consolidate around this level over the coming hours. Nonetheless, the overall bias at the moment is strongly bullish.
Meanwhile, our key resistance levels are at $55,000, $56,000, and $56,700. While our key support levels are at $52,500, $51,400, and $50,000.
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