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.
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.”
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…
