Bitcoin has a lot to do to reach $47,000 once again
According to data provided by IntoTheBlock, Bitcoin’s fall below the $ 42,000 area will open a direct path to $ 37,000 due to the lack of strong support areas. At the same time, to reach the pleasant zone of $ 47,000, Bitcoin will have to cross 1.9 million BTC. resistance zone.
Source of selling pressure
While the In/Out of the money indicator will not give a signal as to the appearance or disappearance of selling pressure on the cryptocurrency market, it could still be used to determine the potential resistance the asset may face on its way up.
Since investors tend to take profits or reduce the risk of their portfolio whenever an asset hits its initial entry price, Bitcoin may face its highest selling pressure between 42,000 and 43. $ 000 and between $ 45,000 and $ 47,000.
Both zones are acting as concentrations of 3.2 million addresses that hold 1.9 million BTC. The metrics show that each zone is wider than the other whenever it concentrates more addresses that have received assets at a specific price.
Support zones
By the same metric, the largest support area for the asset is currently between $ 39,000 and $ 41,900, with around one million addresses holding 700,000 BTC. The sudden drop in the number of holders appears in the area between $ 38,000 and $ 39,000, with less than a million addresses holding Bitcoin at a profit.
After the most recent correction on the market, Bitcoin’s profitability has dropped to 57%, with 36% of all holders trading or holding Bitcoin at a loss. At press time, Bitcoin is trading at $41,585 and losing 3.8% of its value during the day.
