Bitcoin Has Overcome Several Key Resistances: Report

Bitcoin quotes have reached a new high for the year, surpassing significant technical and on-chain barriers near $28,000. This information was reported by Glassnode, a blockchain data and intelligence provider.

As a result of breaking these levels, a large portion of Bitcoin supply has moved into a positive position, setting the stage for a continuation of the upward trend in 2021.

These metrics will serve as important indicators in the upcoming weeks, according to experts. The technical outlook for Bitcoin is shown in the accompanying image.

The chart below displays the price dynamics for Bitcoin and the True Market Mean Price indicator, developed in collaboration with ARK Invest.

This indicator represents the average price at which transactions were last made and takes into account all trades within a specific time frame. Bitcoin has historically traded both above and below this level for equal amounts of time.

The current price has also exceeded the “traditional cost” of coins purchased by speculators, with a profit of approximately 20%.

The chart below shows the MVRV ratio for this category of market participants, with the color red indicating when the market traded below and green indicating when it traded above the underlying value.