Ikigai of Bitcoin’s $19k level- What its breakdown could mean for investors

ambcrypto.com:

Bitcoin [BTC] is trading below $20,000 once again after kicking off this week on a bearish note. As a consequence, the level of fear, uncertainty, and doubt has elevated. Investors are now on the fence with regards to whether the $19,000 support level will hold.

BTC is currently down by roughly 12% from its weekly high of $22,527 observed on 8 July. It traded at $19,805 at press time after bottoming out at $19,265 in the last 24 hours. A closer look at its price action reveals that the slight uptick occurred right on Bitcoin’s short-term ascending support line.

Source: TradingView

Both the Relative Strength Index (RSI) and Money Flow Index (MFI) confirm that significant accumulation took place after the support retest. This further led to the creation of some bullish pressure. An extended upside towards the end of the week would confirm that BTC is currently in a narrow ascending range.

The latest price drop has been characterized by an increase in concerns over more potential downside ahead of the U.S. CPI data release. As a result, the buying pressure was limited because many investors have been patiently waiting to see how the markets will react. This is evident in BTC’s supply distribution by the balance of addresses.

Source: Santiment

Addresses holding between 1,000 and 10,000 BTC reduced their balances from 26.49% on 10 July to 26.29% on 13 July. This is the only whale category causing significant sell pressure in the last two days and the same category that holds the most Bitcoin.

However, addresses holding between 10,000 and 100,000 BTC have been accumulating. These HODLers have increased their balances from 11.1% on 10 July to 11.19% by 13 July.

Any addresses in higher categories maintained relative stability,