-->
BTC, eth

BTC, ETH DISTRIBUTION IN PUBLIC PLUMMETS DUE TO THE ONGOING MARKET BEARS

According to data from analytics forum Cryptoquant, the amount of BTC addresses in profit stands at 55%. Wu Blockchain also tweeted that the amount of ETH addresses in loss is at a 2-year high.

The present situation of only 55% addresses existing in profits arises because of the ongoing price downtrends. Bitcoin hit ATH of $68k sometime last year. Following this, BTC has turned bearish, shedding value of half of its ATH.

Presently, BTC trades at $28.8k, a 2.52% drop in the last 24 hours and a 0.7% drop in the past seven days. BTC might keep on going with a bearish trend. BTCs most urgent resistance stands at $30.1k, accompanied by $30.8k.

RELATED: Wikipedia Stops Accepting BTC, ETH, BCH Donations After 8 Years

When speaking about the BTC situation, notably wallets in profits, KriptoMevsimi emphasized similar events in the past few years. For example, KriptoMevsimi cited 2017-2018 and 2019, when the BTC supply in profits dropped to 55%. In those years, BTC prices plummeted further in the few months that followed.

KriptoMevsimi then stated that “2-3 months of boring price action. Then the last capitulation possible with %30-%50 additional price drop.” According to KriptoMevsimi, the continued BTC price drops could persist for the next three months, which will cause the coin to lose between 30% and 50% of its value.

Moreover, BTC would eventually trade at about $15k before it starts to recoup. The long-term support level is around $26.7k, but if BTC erupts below that, the coin could shed even further.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

Metaverse

SHIB Write Rate Up Nearly 408% with Community Stream of New Metaverse Hub

What's in this article1 165 million SHIB burned and destruction increased by 408%2 Burn “trillions …

Leave a Reply

Your email address will not be published.