Bitcoin Price at Risk of Falling to $23,000 as Large Holders Accumulate
The Bitcoin price is facing the possibility of a drop to $23,000, according to on-chain data from Glassnode. This lack of strong support below the $25,400 mark could lead to a swift correction in price. However, despite this risk, large holders of Bitcoin are accumulating the digital asset at a high rate.
Main Breakdowns:
- BTC lacks strong support below $25,400, increasing the risk of a drop to $23,000.
- Recent price turbulence is attributed to developments related to spot Bitcoin ETFs.
- The dominance of bullish or bearish sentiments will determine Bitcoin’s future trajectory.
- Addresses holding 0.1% of BTC supply or more added over $1.5 billion worth of the asset in the last two weeks.
- The supply of long-term holders is close to 15 million, while short-term holders hold around 2 million.
The extreme volatility of recent weeks and the uncertainty surrounding Bitcoin ETFs have contributed to the current price turbulence. However, despite the risks, large holders of Bitcoin are unfazed and continue to accumulate the digital asset. As the market teeters on a precarious edge, the dominance of either bullish or bearish sentiments will play a crucial role in determining Bitcoin’s future.
Hot Take:
The risk of Bitcoin falling to $23,000 is a cause for concern, but the accumulation of BTC by large holders suggests confidence in the digital asset’s long-term prospects. The market’s reaction to developments related to Bitcoin ETFs will be a key factor in determining whether the price stabilizes or continues to experience volatility.
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