The number of Bitcoin addresses with unrealized gains decreased significantly.
BTC / USD needs to recover $ 8,6500 as soon as possible.
Bitcoin (BTC) is under selling pressure on Thursday. The first digital currency has lost more than 3.5% since the beginning of the day amid believing bearish feelings and increasing volatility. At the time of writing, the BTC / USD is trading at $ 8,350. The Bitcoin market share has been set at 65.8%.
In particular, the proportion of Bitcoin addresses “in the money” fell from 74% on Wednesday to a mere 63% at the time of publication, according to the statistics provided. The break-even point for the vast majority of Bitcoins is around $ 12,000, which means that even moderate moderation towards that area could significantly improve feelings. However, recent recent developments, it seems we will have to live another bearish wave before things get better.
BTC / USD: technical image
The bears of the BTC / USD try to bring the price below the critical support area created by the 50% Fibonacci retracement for the upward movement from the minimum of December 2018 to the maximum of July 2019. If they are successful Enough to design a sustainable mass sale below this level, they will focus on $ 8,000. This area is reinforced by the SMA of 100 and has the potential to slow down the bears.
On the positive side, we will need a strong movement above $ 8,650 to mitigate the initial downward pressure and create a precondition for a recovery. This area served as a support zone in recent days, which means it may take some time to eliminate it as resistance. Once it is out of the way, the hike is likely to gain traction with the next approach at $ 9,000. This is a short-term final target for the Bitcoin bulls protected by the SMA of 200.