Bitcoin price stuck in an episode? Here is the reason that may be $ 87,000 is very important
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During the past few weeks, bitcoin price has not been able to maintain any meaningful momentum on the trip to restore its six -digit evaluation. Shortly up to $ 81,000 on Tuesday, March 18, the leading cryptocurrency was paid to the 87,000 dollar sign before facing a large level.
Below is the reason that the level of $ 87,000 can prove a axis Bitcoin health is long -term price.
5.58 million BTC addresses “sitting on hot potatoes”
In the publication of March 21 on the X platform, a popular encryption analyst Maartunn discussion The importance of $ 87,000 as a decisive level of the future path of bitcoin. The logic behind this specific analysis is the average cost on the series of many BTC investors.
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Costal cost analysis includes assessing the price level of work on either resistance or support based on the total amount of metal currencies purchased in or around. As observed in the graph below, the size of the point reflects the number of metal currencies purchased within a specific price segment. (Thus the strength of the support or resistance area).
According to Martron, about 5.58 million titles received 3.79 million BTC (at a value of $ 367 billion at an average price of 97,059 dollars) between $ 87,867 – 106,839 dollars. The analyst pointed out that the investors here “sit on hot potatoes” and in red, as they all purchased prices much higher than the current price.
This region, which costs $ 87,867, is usually – 106,839 dollars as a decisive resistance area, as investors are likely to sell their assets if Bitcoin returns to them. Cost basis. This sales activity would put some downward pressure on the first cryptocurrency, which hinders the additional progressive price movement.
Moreover, Maartunn has set investors within the $ 87,867 region-106,839 dollars as a short-term holder, a category of investors known to be “fragile” and more interacting with simple market movements. Consequently, the analyst indicated that this may not be an ideal scenario, especially if the market sees another wave of declining pressure.
Short -term holders have been associated with Great sale events (In response to price fluctuations). In the end, this means that the Bitcoin market can suffer from a severe surrender event if investors forced in the short term in the $ 87867-106,839 dollar to achieve their losses.
Bitcoin price at a glance
Until this writing, the BTC price is hovering around the mark of $ 84,000, which does not reflect any major change during the past 24 hours.
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Distinctive image from Istock, tradingvief chart
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