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Over the past few weeks, the price of Bitcoins has not been able to maintain any significant pace on travel to recover a six -digit valuation. After falling to slightly above $ 81,000 on Tuesday, March 18, the flagship cryptocurrency pushed at the level of $ 87,000 before it stood at a significant level.
Below is why the level of USD 87,000 may be crucial for long -term health prices of bitcoins.
5.58 million BTC concerns “sitting on hot potatoes”
In the post on March 21 on the X Platform, a popular maartunn cryptographic analyst discussed The importance of USD 87,000 as a key level for the future trajectory of Bitcoin prices. The reasoning of this particular analysis is the average cost base for the chain of several BTC investors.
Cost analysis includes an assessment of the price level for action as resistance or support based on the total number of coins purchased in it or around it. As observed in the chart below, the dot size reflects the number of coins bought in a specific price range. (Hence the strength of the support or resistance area).
According to Maartunn, approximately 5.58 million addresses purchased 3.79 million BTC (worth $ 367 billion at an average price of USD 97,059) between the region 87 867 to 106 839 USD. The analyst noticed that investors here “sit on hot potatoes” and in red, because they all bought at prices much above the current price.
Usually this region 87 867 USD – USD 106 839 serves as a key area of resistance, because investors probably sell their assets if the Bitcoin price has returned to the basics. This sales activity would have pressure on pressure on the most vital cryptocurrency, hindering further price movement.
In addition, Maartunn identified investors in the region 87,867 USD-106 839 USD as short-term owners, investors class known as “fragile” and more reactive to petite market movements. That is why the analyst noticed that it could not be the perfect scenario, especially if the market sees another wave of bear pressure.
Tiny -term owners are associated with significant sales events (in response to price fluctuations). Ultimately, this means that the Bitcoin market may experience a sedate surrender if short-term investors in the 87,867 USD-106 USD-USD region are forced to implement their losses.
Bitcoin price at first glance
In this letter, the price of BTC floats around USD 84,000, which reflects any significant changes in the last 24 hours.
Recommended photo from Istock, chart from TradingView
