Bitcoin has continued its recent bearish trajectory during the past day as the asset’s price has now slipped under $64,000. Here’s what the next support looks like for BTC. Bitcoin Has Strong On-Chain Support Between $61,900 & $63,800 According to data from the market intelligence platform IntoTheBlock, BTC is floating just above a critical on-chain demand zone. Demand zones refer to price ranges where many investors last bought their coins. These ranges can be determined through on-chain analysis, as the average cost basis of each address on the network can be readily calculated through its transaction history. Related Reading: PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC Below is the chart shared by the analytics firm that shows the various price ranges near the current asset price in terms of the present demand. In the graph, the size of the dot corresponds to the number of addresses bought inside the respective range. It appears that Bitcoin currently has large demand zones both just above and below itself. According to IntoTheBlock data, the ..
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