Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead

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Bitcoin sales appear to have stalled, despite the US imposing new sanctions on Russia on February 22.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) is still hovering just below $38,000, which some analysts have identified as an important area of ​​support and resistance.

BTC/USDT 1-day chart. Source: Trading View
Here’s a closer look at what analysts have to say about the price of bitcoin and what levels you should watch in the short term.

25% of the units are underwater
The data feed on the chain Glassnode published the following chart, which analyzes the percentage of devices in revenue, and the analysts concluded that “the share of network devices in revenue fluctuates between 65.78% and 76.7% of the network.”

Percentage of profitable units that own bitcoins. Source: glassnode
As shown in the graph above, “more than a quarter of network-connected devices are currently submerged” while “almost 10.9% of networks cost between $33,500 and $44,600.”

Glassnode said:

“If the market fails to establish a sustainable uptrend, these users are statistically likely to become another source of pressure on the sell side, especially if prices are trading below their underlying cost.”
Price may continue to ‘bottom zone’
An insight into the headwinds BTC is facing was provided by research firm Delphi Digital, which previously noted that Bitcoin “has moved into its daily, weekly and monthly resistance zone.”

This confluence of resistances led Delphi Digital to speculate that “$45,000 was a logical place to look for profit taking/risk mitigation activity due to the confluence of resistance areas and the speed and range of movement from recent lows,” which actually turned out to be the case where the price fell sharply Shortly after he reached this level.

BTC/USD 12 hour chart. Source: Delphi Digital
According to Delphi Digital, bitcoin price has “paused in the past two weeks” and has not “recovered the weekly support structure or the center of the yearly range.”

Delphi Digital said:

“If the $40,000 level is not maintained, the next level for the market structure in the region will be $38,500. If we lose this level, we can expect a resumption of the previous lows with a good chance of a price decline.”
Related: Analysts Say Bitcoin ‘Bottom’ When BTC Rebounds To $38,000

Looks like the whales are raised for less than $38,000
An insight into the movement of bitcoin whales was provided by online analytics firm Whalemap, which published the following chart, which highlights areas where BTC wallets have seen significant inflows over the past four months.

Big influx of bitcoin wallet. Source: Whale Map
Whale ,

“Areas of interest in whales are well defined now. $34,000 awaits below $36,000-$37,000. Overall trend reversal above $48,500.”
The potential resistance areas shown on the chart above include $40,000, $43,500, $46,500, and the major resistance level of $48,500.

The last hope for the BTC bulls came from Bloomberg’s chief commodity strategist, Mike McGlone, who posted the following tweet saying that Bitcoin is currently selling relative to the “annual average since the 2020 and 2018 lows.”

Source: CoinTelegraph

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