Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead
Bitcoin's sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia on Feb 22.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone.
Here’s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term.
On-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded “that the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.”
As shown in the chart above, “more than a quarter of all network entities are now underwater on their position,” while “approximately 10.9% of the network has a cost basis between $33,500 and $44,600.”
Glassnode said,
Further insight into the headwinds facing BTC was provided by cryptocurrency research firm Delphi Digital, who previously noted that Bitcoin was “moving into an area of daily, weekly and monthly resistance.”
This confluence of resistance prompted Delphi Digital to suggest that “$45,000 was a logical place to expect profit-taking/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows,” which indeed turned out to be the case as the price dumped shortly after reaching that level.
According to Delphi Digital, the price of Bitcoin “has stalled for the last two weeks” and has yet to “reclaim any weekly support structure or the midpoint of the yearly range.”
Delphi Digital said,
Related: Analysts say Bitcoin 'bottom is in’ as BTC bounces back to $38,000
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