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.
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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.
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