CryptoQuant analyst Tugba T., Bitcoin through on-chain data analysis $56,474.79He stated that the stock is facing significant selling pressure between $61,000 and $72,000 and that many investors are losing money in this price range. Inside the chain analyst stated that the current situation could lead to increased selling pressure. Tuğba saw $55,600 as an important support level for Bitcoin and warned that if it falls below this level, the market could enter a deeper downtrend.
Investors Buying Between $61,000 and $72,000 May Increase Selling Pressure
According to the analysis put forward by experienced on-chain analyst Tuğba BitcoinThe current on-chain cost of ’s higher price range suggests that investors are holding large amounts of Bitcoin at a loss. In particular, volume is high between $61,000 and $72,000, and if position holders at these price points are inclined to sell, this could further increase downward pressure on the market.
Tuğba added that the current market environment reflects fragile investor sentiment and that selling pressure at higher price levels could significantly lower Bitcoin’s price.
$55,600 is a significant threshold
Tuğba underlined that $55,600 is currently a significant support level for Bitcoin. He warned that if this support level is broken, the market could see more volatility.
The analyst emphasized that this price level is not only a technical support, but also the cost threshold of a large number of Bitcoin positions within the chain. According to Tuğba, if this threshold is lost, selling pressure will probably increase and lead to further declines.
Tuğba also noted that analyses of on-chain data showed that investors who bought between $61,000 and $72,000 were at greater risk of loss, and that selling this part of the position could be a significant source of selling pressure in the market.
With current data BTC It is traded at $56,622, down 1.08 percent in the last 24 hours. It will be announced today at 15:30 Turkish time. US inflation data Let’s also add that the trading volume of the cryptocurrency king decreased by 7.65 percent to $31.15 billion.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
