The flagship cryptocurrency Bitcoin (BTC) is currently sitting at the key support level of around $40,000 where 662,000 Bitcoin (BTC) addresses hold approximately 880,000 BTC. With the price of Bitcoin (BTC) falling below the $40000 levels, there has been increasing adoption of the world’s largest cryptocurrency. Details of the topic cryptocoin.com‘in.
Bitcoin (BTC) could drop to these levels
With the Russian invasion of Ukraine, the crypto markets, which were already operating in an environment of turbulence, became even more confused with the addition of the nuclear dimension to the crisis. Bitcoin plummets with US stocks as the nuclear threat ripples markets. BTC/USD has lost more than 10% in two days, accelerating on concerns over Ukraine developments.
According to data provided by popular cryptocurrency analysis and statistics firm IntoTheBlock, the total Bitcoin balance held by addresses holding between 0.1 and 1 BTC has reached an all-time high of 780.00 units of Bitcoin (BTC). According to the report announced by the analysis firm, most of the accumulation was observed between addresses holding Bitcoin (BTC) between $ 4,000 and $ 40,000. “The group holding roughly $4,000 to $40,000 in #Bitcoin was the fastest growing group last month,” IntoTheBlock tweeted on the subject. The $40,000 price level is considered major support for the leading cryptocurrency, as over 662,000 Bitcoin addresses have received around 880,000 BTC at this price.
Addresses can be sold
Popular cryptocurrency trader and analyst Ali Martinez said in a statement on the subject, “If BTC fails to hold above such an important support zone, these addresses may be inclined to sell their holdings to avoid significant losses.” If BTC fails to hold the $40,000 support and some traders are forced to sell, the price of BTC could drop below $39,000, which is considered another major support for the world’s largest cryptocurrency. Other data provided by Martinez shows that 58.65% of Binance Futures traders are net long-term in Bitcoin, which could lead to a massive drop to liquidate leveraged traders.
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