* Our Parent Company Crypto Token is LIVE!!! *Flag Token

Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead

Date:

Share post:

Bitcoin’s sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia on Feb 22.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone.

BTC/USDT 1-day chart. Source: TradingView

Here’s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term.

25% of entities are underwater

On-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded “that the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.”

Percentage of entities holding Bitcoin that are in profit. Source: Glassnode

As shown in the chart above, “more than a quarter of all network entities are now underwater on their position,” while “approximately 10.9% of the network has a cost basis between $33,500 and $44,600.”

Glassnode said,

“If the…

Read more…

Related articles

How to Build Tech and Career Skills for Web3 and Blockchain – Spiceworks News and Insights

How to Build Tech and Career Skills for Web3 and Blockchain  Spiceworks News and Insights Read more...

Flare and Uppercent Creating First NFT Marketplace for E-Learning

As stated in the partnership agreement, members on the Uppercent platform can sell, buy,...

Bitcoin Miner Argo Blockchain Loses CEO

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has...

Argo Blockchain plc's Peter Wall to step down as chief executive – Proactive Investors USA

Argo Blockchain plc's Peter Wall to step down as chief executive  Proactive Investors USA Read more...