Bitcoin Price Forms A Significant Supply Barrier, Risking A Significant Correction!
Crypto Live NewsAuthor: Elena R
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Author: Elena RElena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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Jun 22, 2024 16:56
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
As per the latest on-chain reports, around 5.45 Million addresses have acquired 3.03 Million BTCs between the range of $70,800 and $64,300 forming a huge supply barrier in this market. This further risks the possibility of a sharp correction in the Bitcoin price in the coming time. Theoretically, if the BTC price continues to drop, these holders could sell their holds as per spot loss, which could further pull the price of Bitcoin toward its multi-month low.
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