Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180
16 Março 2024 - 12:00AM
NEWSBTC
On-chain data suggests more than 533,330 addresses FOMO’d into
Bitcoin above $70,180. Following the latest plunge, these investors
would all be in losses. Over 500K Bitcoin Addresses Have A Cost
Basis Between $70,180 & $71,340 As pointed out by analyst Ali
in a post on X, many investors have bought at the recently high
price levels. Below is the chart shared by the analyst that shows
how the distribution of the BTC supply looks right now across the
various price ranges. How the BTC cost basis distribution looks
like for the price ranges near the current one | Source:
@ali_charts on X The data is from the market intelligence platform
IntoTheBlock, which has used on-chain data to determine the average
acquisition price for any given address based on when its coins
moved into its balance. Related Reading: Bitcoin To $53,200? Why
History Says It’s Possible In the chart, the size of the dots
represents the amount of coins that have their cost basis inside
the corresponding range. It would appear that the $64,743 and
$66,700 range is below the current price that hosts the cost basis
of a significant amount of addresses. More particularly, 382,000
addresses acquired 275,450 BTC at these levels. As the Bitcoin spot
price is currently trading above this range, all these investors
would naturally be carrying some profits. Generally, investors are
sensitive to retests of their cost basis, as such retests can
potentially flip their profit-loss status. For holders who were in
profit before the retest, the dip may appear as an opportunity to
buy more. The emerging reaction can be significant when many hands
share their cost basis inside the same narrow range. If this retest
occurs from above, the asset could feel some support as these
investors rush to accumulate more. Since the $64,743 to $66,700
range is dense with investors and is situated below the current
spot price of the cryptocurrency, it could act as a major support
center. “Monitoring this level closely is crucial, as losing it
could shift the focus to the next significant demand zone between
$60,760 and $62,790, safeguarded by 797,500 addresses with over
298,000 BTC,” notes Ali. Related Reading: Bitcoin Miners Brace For
Impact As Difficulty Reaches Unprecedented Levels In terms of the
levels above, the $70,180 to $71,340 range particularly stands out,
as 533,330 addresses bought a total of almost 433,000 BTC. A lot of
these new buyers would be those FOMO’ing into the asset after
seeing it explore new all-time highs. This large block, however,
may serve as a point of resistance for the cryptocurrency. These
fresh hands might sell just as quickly as they bought in when a
retest of their cost basis happens since they may be willing to
just exit at their break-even, fearing more drops in the near
future. BTC Price Bitcoin has seen a sharp correction during the
past day, following which its spot price is now trading around the
$67,900 level. BTC made a brief visit under the $66,000 level
during this correction | Source: BTCUSD on TradingView Featured
image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from
TradingView.com
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