IOMAP also gives the range between $9,000 and $9,300 as an area of strong support indicating that almost 1 million BTC holders had previously purchased a total of 560,000 BTC. In this scenario, the massive supply wall created will have the propensity to act as strong support to bounce prices above this level.
A prominent analyst, Michaël van de Poppe of Amsterdam stock exchange voiced out the possibility of Bitcoin retesting its June 1 high of $10,400 in the near term as Bitcoin (BTC) in the last few days had been constricted slightly above $9,250-$9,300 range. Also, a significant technical metric from Glassnode, Bitcoin Puell Multiple is giving buyers a go ahead as it flashes green, the first time since the middle of May.
BTC/USD Daily Chart
Analyst’s Prediction and Glassnode Metric Form a Merger of Bullishness
Glassnode’s Bitcoin Puell Multiple, a technical metric that weighs the supply of BTC Miners and their revenue, flashes green for the 1st time since Middle may.
The plunge as indicated is suggestive of the fact that newly mined BTC per day may be “undervalued” in its value rating when compared to historical measure.
Glassnode further stated that the 0.5 line has historically served as great entry points into Bitcoin.