- The $38,250 level is currently a powerful barrier to the price.
- Bitcoin has been up 3.63% in the last 24 hours.
A steep drop in the price of Bitcoin led to support at $36,350. Above $37,000, Bitcoin built a base and began a rebound wave. The price surpassed the $37,500 level of resistance. The Retracement level of the crucial slide from $39,492 swing high to $36,366 low was breached by the bulls. Additionally, there was a push to the $38,000 mark. However, the $38,250 level is currently a powerful barrier to the price.
Glassnode, and on-chain data source, evaluated the percentage of entities in profit, concluding that the percentage of profit-making on-chain firms fluctuates between 65.78 percent and 76.7 percent of the network.
Glassnode mentioned:
“If the market fails to establish a sustainable uptrend, these users are statistically the most likely to become yet another a source of sell-side pressure, especially if price trades below their cost basis.”
Substantial Inflows in BTC Wallets
According to cryptocurrency research company Delphi Digital, which earlier highlighted that Bitcoin was “moving into an area of daily, weekly and monthly resistance,” more headwinds are hitting BTC.
Finally, On-chain monitoring business Whalemap mentioned that BTC wallets had substantial inflows over the previous four months, shedding light on the migration of Bitcoin whales. After failing to breach the $38,400 resistance level, bitcoin might begin a new downward trend. The $37,250 area provides immediate downside support. The crypto market is still going through the tough phase, with major coins trading red.
According to CoinMarketCap, the Bitcoin price today is $38,066.53 USD with a 24-hour trading volume of $23,405,704,769 USD. Bitcoin has been up 3.63% in the last 24 hours.
