Bitcon – “$12K? No Problem!”
Bitcoin just broke through $12K, a level one analyst positing was “the last great resistance” Now to see where we go from here
Here’s Why $12,000 Is Bitcoin’s “Last Great Resistance”: Analyst
“$12,000 purportedly is Bitcoin’s last major on-chain resistance, according to data shared by David Puell, the Head of Research at the now-closed Adaptive Capital.
Puell shared the chart seen below on August 16th, which suggests that $12,000 is important because it is the point at which buyers of the 2019 highs will reach breakeven:
‘CIH is the delta between two volume profiles (in this case from 2018 onward): bitcoins unmoved (assumed as hodling) and bitcoins moved (assumed as distribution). Three levels of major buyouts are noticeble—two remain as major demand zones; one as a last major resistance.’”