Bitcoin, the leading cryptocurrency, rose above $81,000 over the week but then fell to around $78,000 following the hawkish speech by Federal Reserve Chairman Kevin Warsh at Jackson Hole. However, it subsequently recovered and once again exceeded the $79,000 mark.
As the market speculates on whether $BTC will continue its upward trend, the analytical company Alphractal has shared its updated assessment of Bitcoin.
At this stage, Alphractal used its self-developed metric, Structured Market Bands, calculated based on blockchain data, to determine critical levels for $BTC.
This metric, developed by Alphractal, calculates support and resistance zones directly based on the movement of UTXOs within the Bitcoin network and based on the cost basis of investments.
Structural Levels for Bitcoin Defined!
According to Alphractal, with the Bitcoin price above approximately $79,000, the structural market bands are currently at the following levels:
"Upper Structural Strength Band: $100,570. Lower Structural Strength Band: $75,024. Upper Structural Support Band: $63,284. Lower Structural Support Band: $57,228."
According to the analytical company's data, $BTC breaking above the lower structural resistance level of $75,024 indicates that the price is now moving within the next upper supply zone. Currently, the price is approximately 27.7% below the structural resistance level of $100,570. This structure suggests that the further Bitcoin's price advances within the resistance zone, the greater the potential for increased selling pressure.
The analytical company noted another important event: the upward movement of the structural resistance bands over time. For example, analysts pointed out that the lower structural resistance band has risen from $72,569 on August 9th to $75,024 today.
In conclusion, in the current situation, Bitcoin's ability to maintain a position above the lower structural resistance level of $75,000 makes the upper structural resistance zone around $100,000 one of the key targets for the market. Conversely, a drop below $75,000 could lead to $BTC retesting support levels, particularly in the $63,000–$57,000 range.
*This is not investment advice.
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