Bitcoin’s high-entry consumers drive pressure seller, the price can ‘floor’ to $ 70k
Bitcoin buyers who bought around when it hit a $ 109,000 all-time peak in January was now shocked to sell as cryptocurrency refused, says Onchain Analytics Firm Glassnode, who has not ruled that Bitcoin can slide to $ 70,000.
Glass node Says In a March 11 market report that a recent sale-off of top consumers pushed “intense loss of realization and a moderate capitulation event.”
Holders short -term flee as Bitcoin dropped from the peak
Advancing to consumers pays a higher price for Bitcoin (Btc) In recent months it has been seen in the short-lived priced-the average purchase price for Bitcoin holders for less than 155 days.
In October, the short -lived price was $ 62,000. At the time of publication, $ 91,362 – up to 47% in five months, According to In the Bitbo Data.
Meanwhile, Bitcoin traded at $ 81,930 at the time of publication, According to In coinmarketcap. It leaves an average short-term holder with an unaware of nearly 10.6%.
Bitcoin dropped 5.90% in the past seven days. Source: CoinMarketCap
Glassnode said the short-term holders of the holders have shown that the “market momentum and capital flow has been negative, signing a reduction in demand strength.”
“The investor’s uncertainty affects emotion and confidence,” he added.
Glassnode said short -term holders were “deep underwater” between $ 71,300 and $ 91,900 and warned that bitcoin could be less than $ 70,000 if the sale continues.
“The possibility of building a temporary floor in this zone is significant, at least in the near term,” Glassnode said.
Short -term bitcoin holders are “deep underwater” between $ 71,300 and $ 91,900. Source: Glass node
Market Research Firm 10x Research with this label A “Textbook Correction” in a March 10 record, added that with the sinking of Bitcoin below $ 80,000, “approximately 70% of all sales came from investors to buy within the last three months.”
Related: Bitcoin slides are another 3% – is the BTC price going to $ 69K next?
On the same day, Bitmex co-founder Arthur Hayes said Bitcoin could retest $ 78,000 price levels and, if it failed, could head to $ 75,000 next.
Glassnode explained that a similar bitcoin seller-off pattern was seen in August when Bitcoin fell from $ 68,000 to nearly $ 49,000 amid fear of a contraction, poor working data in the United States, and The lazy growth in the leading stocks of tech.
However, Bitcoin has tasted 7.5% in the past 24 hours While the US market is steaded On March 11 after the fall of a day earlier after US President Donald Trump refused rule out that a backward is On the cards.
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
