Bitcoin is facing a tough battle breaking through a critical price point, an analyst says
, the world's leading digital currency, is grappling with a significant price hurdle, according to market analyst Jake Wujastyk.
In layman's terms, Bitcoin is managing to maintain its recent lower value but is finding it tough to exceed a specific price due to the increasing presence of potential sellers on the market.technical concepts like Volume Weighted Average Price , a trading benchmark that offers an average price at which the flagship cryptocurrency has been traded throughout the day.
Bitcoin appears to be perfectly holding onto this average price calculated from a specific significant point in time, referred to as the"swing low."The resistance to Bitcoin's price rise comes from what is termed as the"overhead supply," a level where a substantial amount of potential selling pressure exists.
This pressure often comes from previous buyers who might be looking to sell when the price reaches its break-even point. This area, visualized as a"volume shelf" on a volume profile chart, is where a high volume of Bitcoin has been traded, indicating that many traders have their positions at this level.
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