The $62,000-$65,000 range concentrates the largest number of bitcoins that have last changed hands, with over 900,000 BTC per bar, according to the realized price distribution published by Galaxy Research on August 20. This price zone formed after Bitcoin fell below $58,560 in late June, as hundreds of thousands of tokens were repurchased on the path to recovery. The current price trades around $78,000, matching JPMorgan’s estimated average production cost for a mined bitcoin in August. The next major resistance stands at $83,000, above this dense range and below the wall between $83,000 and $86,000 where long-term holders’ purchase costs are located.
Source: Read the original article
