2 years ago
Date: 02 Oct 2022 - 21:48
Recent onchain metrics suggest that a Bitcoin BTC bottom might be forming but the chances of the flagship asset dropping below its lowest value are increasing due to weak volume.Due to current macroeconomic conditions among other reasons BTC has seen its value drop below 20000 on several occasions in the past few weeks forcing analysts to issue warnings about the possibility of the asset trading below 17500.New data analyzed by CryptoSlate shows that if BTC were to breach below the 17500 level it could plummet to as low as 12000 as its volume around that point is weak.The entityadjusted version of UTXO Realized Price Distribution URPD shows this by segmenting supply into longterm holders shortterm holders and exchanges.Entity Adjusted Unspent Realized Price Distribution Source GlassnodeThe URPD identifies at what prices the current Bitcoin UTXOs were created. With the entityadjusted version it is easy to see each group of holders and the price bucket at which these entities acquired their coins.Analysis of the Glassnode chart shows that most of the buyers recently are shortterm holders i.e. those who have held their BTC for less than 155 days.A further breakdown shows that many Bitcoin whales hold the asset between the 10000 and 17000 range. These whales could sell if the price were to drop to around 17000.Research shows that most whales tend to sell once market conditions become unfavorable. However selling at this point could significantly affect BTCs price. Generally low volume is a major concern when theres a major deleveraging event.Entity Adjusted Unspent Realized Price Distribution Source GlassnodeThe post Research Persistent low volume could cause Bitcoin price to plummet to 12k if it falls below 17.5k appeared first on CryptoSlate.
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39997.79 $ | 0 % | 760.32 Billion $ |  |
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