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As the decline in Bitcoin continues to deepen, investors are wondering, on the one hand, when the rise will begin and on the other hand, how far the decline can go.
At this point, cryptocurrency data platform IntoTheBlock said that more than 16% of BTC holders were at a loss after Bitcoin fell below $ 60,000.
He also explained the levels to watch for BTC below $60,000 and the next demand zone where the decline could go.
IntoTheBlock analysts pointed out that, according to historical data, BTC showed a tendency to weakness below $ 60,000, and said that further downward pressure may continue according to the data.
IntoTheBlock stated that according to data, the next important demand zone for Bitcoin lies between $40,000 and $50,000, and there is a risk of the decline falling into this zone.
“Bitcoin has fallen below the $60,000 support level, a critical demand zone. This decline leaves more than 16% of BTC holders in a loss position.
Historically, demand for Bitcoin just below $60,000 has been weak, suggesting continued downward pressure.
“The next major demand zone lies between $40,000 and $50,000.”
Bitcoin, which has decreased by 5.2% in the last 24 hours, continues to be traded at $ 57,354.
Bitcoin has breached its $60,000 support level, a critical demand zone. This move leaves over 16% of BTC holders in a loss position.
Historically, demand just below $60k has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000… pic.twitter.com/N4wGSbNvlF
— IntoTheBlock (@intotheblock) July 4, 2024
*This is not investment advice.