Bitcoin (BTC) faced potent resistance near previous highs on October. 8 as a fresh push over $56,000 rapidly ended.

BTC/USD one-hour candle chart (Bitstamp). Source: TradingView

Ownership the dip? $53,000 is "logical"

Information from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it came off four-month highs of $56,150.

The area virtually $58,000, which had proved a sticking point for bulls before in the year, returned to haunt them on the day, something which did not come as a stupor to analysts.

"Not surprising to come across this $56–$58K expanse providing some resistance as in that location is a adept amount of overhead supply there from before this twelvemonth," William Clemente commented.

"~$53K would be a logical area to purchase a dip."
BTC/USD 1-day annotated candle chart (Coinbase). Source: William Clemente/Twitter

That level represents both the $1-trillion market capitalization purlieus for Bitcoin and the site of what was one time a major resistance zone acting every bit support since Wednesday.

"Hodled or lost" BTC hits 9-month loftier

Bitcoin is nearing $sixty,000 — but this fourth dimension, investors are adding to their positions, not selling.

Related: CME Bitcoin derivative traders had 'paper hands' as BTC bankrupt $55K — Written report

Data from on-concatenation analytics firm Glassnode shows that the proportion of the BTC supply that is either hodled or lost for adept is at its highest in nine months.

The latest example of how Bitcoin in Q4 this year is different from the showtime phase of its bull run — "Hodled or Lost Coins" now total 7,203,450.731 BTC.

Hodled and Lost Coins chart. Source: Glassnode/Twitter

9 months ago in Jan, the supply becoming bachelor was speedily increasing, as cost discovery acquired e'er-larger numbers of longtime investors to realize profits.

Now, the opposite phenomenon is in issue — since Baronial, BTC has been going back into the hands of hodlers.

The metric's previous peak was Q4 2022 only before the main phase of the bull run took off after BTC/USD passed previous all-time highs of $20,000.

The figures tie in with existing coverage of long-term hodler behavior, which Cointelegraph previously reported had reached highs of its own.