9% of Bitcoins circulating supply changed hands in the current price range of $15.7k to $17.1k. This is the biggest BTC support ever!

One metric that often used to identify a big support or resistance on the BTC price, apart from TA, is simply how much of the circulating Bitcoin supply was ever traded in this certain price range. And the current price range we are sitting in is by far the price range where the most bitcoin were traded in its history. A combined 1.8M BTC were traded here, thats just over 9% of the current circulating supply.

This obviously manifests this price range as one of the biggest supports for BTC and we also exactly bounced off here and are now consolidating here. But this does not mean that its just impossibly to fall below this range.

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Bitcoin Entity-Adjusted URPD from Glassnode

As we can see on this histogram chart, the higher the orange line goes the more BTC were traded in this respective area. For example, the $35k price range seems to be a big support and we did indeed hold this line for a long time earlier this until LUNA happened. Also there seems to be near-no support from $28k down to $22k and this is true as we just free-fell through this area earlier the year to find the next support at about $18k.

As said this does not mean its just impossible to break below this area but it does mean that some pretty big news is needed for that as we have seen with LUNA and FTX being needed to break the respective areas of support.