Tanya Abrosimova
Independent Analyst
- Bitcoin breaks through another important resistance area.
- The on-chain metrics imply that the upside is the path of least resistance.
Bitcoin just took out another significant barrier on the way to a new all-time high. At the time of writing, BTC/USD is changing hands at $16,988 after hitting $17.081. While the cryptocurrency experts believe that the short-term downside correction is unavoidable, the long-term perspectives for the pioneer cryptocurrency remain bullish.
BTC/USD 1-hour chart
No roadblocks ahead
Now that Bitcoin's price surpassed $17,000, little can stop it on the way to the new highs. Based on IntoTheBlock's "In/Out of the Money Around Price" model, BTC sits above an important support area. The IOMAP cohorts show that nearly 900,000 addresses had previously purchased about 500,000 BTC between $16,500 and $16,000, followed by another stiff resistance.
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BTC In/Out of the Money Around Price
Such a significant supply wall can absorb the selling pressure and create strong bullish momentum to send the price to new highs. Considering that no considerable resistance areas are located above the current price, BTC may skyrocket if the buying pressure piles.
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