Bitcoin (BTC) saw in this week with a serious downturn confronted. Now the leading Coin is fighting to important support levels, once he is moving closer to the low of 8,000$.
Bitcoin address data indicate strong Support zones
But before that, Bitcoin (based on Wallet data, which were acquired at different price levels) will have to break several strong support levels. The analysis for Wallets in the money and out of the money shows that BTC has a high Chance to jump from the 8,100 in dollars as the local Deep-up to the recent downturn.
Bitcoin rebounded on Friday and on 8.659,07 Dollar has risen, after he had fallen twice on the 8,500-Dollar mark. At these price levels in the accounts in the money and out of the money are compensated fairly.
The youngest into theblock report shows that Bitcoin could fight a serious battle for the 8600 dollars-to 8900 – Dollar level, where of 873,000 addresses hodln 643.000 BTC.
If this level breaks, there are additional signs of possible levels of Support between 8,100 and 8,300 are dollars. In this area, the defense of an even larger group of 810,000 holders could have bought 593.000 BTC at this price point.
Addresses out of the money, if you decide to be a Liquidation, may result in about 9.150 $ resistance. Overall, the large number of addresses in the money can lead to a “HODL”behavior, the Bitcoin gives more resistance.
The short-term sentiment could cause additional volatility
The physical possession of BTCs is not allowed to interfere with the futures markets, the consequences of their own logic. The General interest in Bitcoin ownership, and a possible halving of the rally, however, is still in the books.
Now, BTC seeks temporary deep stalls, where most of the forecasts predict an early upturn.
More pessimistic scenarios, in the event of a panic Dump under $ 7,000 with an unpredictable low. But on the basis of Wallet analysis, there are also a lot of support with large holdings, which were purchased between 7,000 and 8,000 dollars.
In the short term, mood can depend on the fear, as well as Trading futures based on another support and resistance level.
Bitcoin also responds to short-term panic. As equity markets fell, returned to BTC-Trader to Tether (USDT) positions. Until now, the leading crypto-currency has shown no Safe-haven behaviour, the equity market selloff counter.
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However, the recent downturn was followed by a Golden cross of the moving Day averages, which, after a period of short-term panic could signal an upward movement.