Plunge

2024

Bitcoin

when

<p>As Bitcoin oscillates near critical support levels, industry analysts voice concerns about the potential for a significant market correction. Prominent crypto analyst Ali, utilizing the platform X, has highlighted a worrying trend where approximately 5.45 million addresses hold 3.03 million BTC, priced between $64,300 and $70,800.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">Around 5.45 million addresses acquired 3.03 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> between $64,300 and $70,800. This forms a significant supply barrier, risking a steep correction for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>. If <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a>'s price continues to drop, these holders may sell to limit losses, intensifying downward pressure. <a href="https://t.co/cBkXXjxHUD" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cBkXXjxHUD</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1804448672647618789?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The concentration of <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> holdings creates a substantial supply barrier, which could potentially lead to an aggressive sell-off if any of the larger holders decide that they want to close their positions and take some profits.</p>
<h2 class="wp-block-heading" id="market-indicators-suggest-caution">Market Indicators Suggest Caution</h2>
<p>On top of that, Bitcoin is in rough waters… After more than a 4% drop during last week, latest data show *BTC* is trading at $64,252 which represents an increase of 0.7% in the last 24 hours.</p>
<p>Analysts from CryptoQuant have <a href="https://cryptoquant.com/insights/quicktake/6674f3baa0017a125b20d84d-Guessing-The-Peak-Of-the-Market?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=woominkyu" target="_blank" rel="noopener noreferrer nofollow">brought attention</a> to the “Adjusted Spent Output Profit Ratio” (asopr) which, when paired with a 200-day moving average, helps to gauge the profit realization behavior of Bitcoin investors.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfWaAMrVFxyf8Dyrt9MRDlEUBQvGQV1eNADKzRIU_TJTLjiFEwESk9DdvNDireCwZTrGOT963tIOQeuxarR68uRlEwAwSlogBUMoFITA-sakEecenThQpiAiwxp5nIMYlpeIGkJIYVb31TC-gG4pHJF2A-0?key=JlbcvFGTRo7p_BbasW6MkQ" alt="">
</figure>
<p>Source: CryptoQuant</p>
<p>This indicator typically surges above the 1.00 mark during bullish market phases, suggesting that many investors are in profit and may continue to hold their positions expecting further gains.&nbsp;</p>
<p>Conversely, a rise to or beyond 1.08 often presages a market downturn, as historical patterns indicate. Current asopr levels nearing 1.08 could suggest that Bitcoin is teetering on the edge of a similar retracement, necessitating vigilance among traders and investors.</p>

Is a Bitcoin Storm Brewing? Key Indicators Point to Possible Price Plunge

Table of Contents

BlockchainReporter

Muita 22. kesäk. 2024 julkaistuja artikkeleja

BtcTurk Detects Cyber Attack

Projecting the impact on LINK’s price after 21 million token unlock

Ripple CEO and Chief Legal Officer Issues Statement on XRP Case Rumors

Top 5 Altcoins to Buy for Maximum Profit

Nigerian authorities claim Binance executive is enjoying quality medical care

VET and FLOKI Print Bullish Chart Patterns as WTK Price Pump Sentiment Seeps Into Greater Altcoin...

Join our free newsletter for daily crypto updates!