In recent developments, Bitcoin has encountered a setback by slipping below a critical supply zone, marked between $41,200 and $42,400. This zone holds significance as it encompasses holdings from a substantial 1.87 million addresses, amassing a total of 730,000 BTC, according to crypto trader Ali.
The breach of this key level raises concerns as it may prompt these holders to offload their assets, a move often motivated by a desire to minimize losses.
The prevailing selling pressure has the potential to instigate a further decline, with attention drawn to the next significant demand zone lying in the range of $37,500 to $38,700.
Within this lower range, approximately 1.28 million addresses are safeguarding 553,000 BTC. Monitoring the trajectory of Bitcoin’s price movement in the coming days will be crucial, as increased selling pressure could lead to a descent into this identified demand zone.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Investors and analysts alike are keeping a close watch on these developments, recognizing the importance of these key support and resistance levels in shaping Bitcoin’s short-term future. Stay tuned for further market insights as the situation unfolds.
You may also be interested in:
- Bitcoin Correction Coming According to Experts, BTC Price Could Plunge +30% to Key Support Levels
- Shiba Inu (SHIB) Price to Spike Over 30% If This Crucial Support Holds
- Coinbase Lists $BONK Token — New Pump Incoming or Is This Memecoin Presale a Better Bet?
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
