Bitcoin (BTC) is experiencing a downturn and remains stagnant in unfavorable market conditions. Analysts are concerned that savvy investors may react emotionally, which in turn could exacerbate the stock market decline through panic selling.
Data from IntoTheBlock shows that around 54,500 addresses hold 30,300 BTC, causing a supply barrier with prices ranging from $64,300 to $70,800. If the price of Bitcoin further declines, these holders may decide to sell their BTC to limit losses, thereby increasing downward pressure on the price.
Dormant Bitcoin addresses have also become active, with a major wallet recently transferring 25,000 BTC, adding to market anxiety.
In addition, with 104,000 BTC options set to expire on April 28, 2024, the market faces a critical week.
BTC continues to endure selling pressure. Additionally, significant Bitcoin ETF outflows and a large amount of BTC moving from German government exchanges are increasing market supply.
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Despite the sell-off, 87% of Bitcoin holders are still profitable, indicating the potential for further profit-taking, which could also lower prices. Analysts predict that BTC will continue to consolidate until late summer 2024, with a potential bull market beginning around October, coinciding with the U.S. election.
