The Crypto King fell below $ 80,000 for the second time this year. This decline has aroused concerns among investors concerning the future trend of cryptocurrency.
Glassnode data show that the losses made of Bitcoin remain lower compared to past corrections. During the previous drops in February and March, advanced losses varied from $ 592 million to $ 933 million. The latest decline recorded a peak loss of only $ 377 million. This indicates a decrease in the sale of panic.
Medico-legal analysis shows that investors who have held three to six months are now faced with more losses. In February, this group experienced losses of $ 2 million, which has now increased to $ 9.5 million. Meanwhile, the holders who kept Bitcoin for six to twelve months are sold for the benefit. On March 10, this group achieved $ 26.4 million in profits, which represents 44.4% of the total gains.
Axel Adler Jr. noted that long -term holders had distributed 1.715 million BTCs when Bitcoin crossed $ 60,000. The current net position of these holders returned to neutral levels, indicating a slowdown in large -scale sale. This could reduce market pressure.
Market analyst Michaël Van de Poppe said Bitcoin has no decisive break. It expects the market to test, with possible drops at $ 76,000 or $ 78,000 before a rebound. Another analyst, Credibull, sees bitcoin negotiating between a local supply area of $ 94,000 at $ 99,000 and a request zone nearly $ 74,000.
A market veteran named TED compared the BTC movement with S&P 500 and gold. Gold is always on an upward trend while BTC and stocks correct. Based on historical trends, he also predicts that the BTC is much likely to fall at around $ 72,000 before trying to recover.
During the editorial staff, $ 80,403 is negotiated, up 2.38% in the last 24 hours.
