While Bitcoin continues its horizontal movements in recent days, it has been fluctuating between $ 51,000-52,000.
While these fluctuating movements of BTC diminished investors' expectations for a rally, they also fueled speculation that a major sales wave might occur.
At this point, Lookonchain's post also supported speculation that there may be a sales wave in Bitcoin.
Because Lookonchain shared IntoTheBlock's data and warned investors about a possible decline in the short term.
According to data from IntoTheBlock, approximately 848,390 addresses recently purchased approximately 481,710 BTC (equivalent to $25 billion) at an average price of $52,125.
Stating that these addresses are currently at a loss, Lookonchain said that investors may create selling pressure on the price when these positions reach the break-even point.
“IntoTheBlock data shows that 848.39k addresses purchased approximately 481.71k BTC (worth $25 billion) at an average price of $52,125.
“These addresses are currently at a loss and may create selling pressure on the price when their positions reach the breakeven point.”
Data from @intotheblock shows that 848.39K addresses bought ~481.71K $BTC($25B) at an average price of $52,125.
These addresses are currently at a loss and may generate selling pressure when their positions reach breakeven.https://t.co/DsTpEwOO9b pic.twitter.com/87Rthk8wGC
— Lookonchain (@lookonchain) February 20, 2024
At the time of writing, Bitcoin is at $52,194, which is very close to the average buy zone of $52,125. At this point, investors need to be careful. Because, according to IntoTheBlock data, BTC price is at a point where correction may occur.
However, although this data signals a sales pressure and correction, it does not mean that Bitcoin will fall. At this point, do not make your investment decisions based on a single data or report. These data are helpful data that are not accurate, have a margin of error, and have never been proven to be 100% accurate. Make your investment decisions based on your own research.
*This is not investment advice.
