It seems that the sale of Bitcoin stopped; While the US imposed new sanctions on Russia on 22 February. According to reports, the price of Bitcoin continues to fall slightly below $38,000; This, in the opinion of some analysts, is an important area of support and resistance. Glassnode published a chart that analyzes the percentage of units in profit. Analysts concluded that the share of chain units in profits ranges from 65.78% to 76.7%.
As shown in the diagram, more than a quarter of all network units are now underwater at their position; While about 10.9% of the network has a value from $33,500 to $44,600. According to Glassnode, if the market fails to sustain sustainable growth; These consumers are statistically the most likely to become another source of sales pressure; Especially if the price trades below their value.
For more information on the challenges facing BTC, Delphi Digital reports; It was previously noted that Bitcoin was moving in a daily, weekly, and monthly resistance zone. According to Delphi Digital, the price of Bitcoin stalled in the last two weeks; Consequently, it has not yet received the weekly support structure or the mid-range of the annual range. The company says if the $40,000 level is not maintained, the next level of market structure will be $38,500.
Conclusion
Whalemap published a chart highlighting the areas where BTC wallets have seen the largest influx in the last four months. The company says areas of interest for whales are now very well defined. $34,000 is expected below $36,000-37,000. The macro trend reversal will be over $48,500.
Possible areas of resistance identified in the chart include $40,000, $43,500, $46,500; Also a basic resistance level of $48,500. The head of Bloomberg posted a tweet suggesting that Bitcoin is currently on sale “at its average annual rate of 2020 and 2018 lows.” The total market capitalization of cryptocurrency now stands at $1.708 trillion. And the Bitcoin dominance rate totals 42.1%.
It is worth noting that current geopolitical developments have a very negative impact on trade markets. Investors are very confused. In addition to the popular digital currency, the prices of Altcoins are also falling. Analysts are watching the current developments. Russia-Ukraine tensions are still high. This crisis puts the 2022 forecasts entirely upside down. Experts and investors are now hoping to stabilize the situation.
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