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Bitcoin may need to break through the $84,000-$85,000 range to extend its rally, as the largest concentration of investor holdings is clustered there based on on-chain data, on-chain analyst Darkfost said.
Darkfost said 53% of total Bitcoin invested capital, based on on-chain acquisition prices, was accumulated above $83,000, with the heaviest supply concentrated in the $84,000-$85,000 range. Darkfost added traders could react immediately in that zone, making it a clear key price range Bitcoin needs to break through. By contrast, the $77,000-$79,000 range could act as meaningful support. BTC was trading at $83,807.43, up 1.09%, according to CoinMarketCap.