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On-chain analytics firm IntoTheBlock noted that Bitcoin's drop below $57,000 brought it to the same levels of holders in loss as in similar drawbacks in the previous cycle. Bitcoin dropped below 57k this week, hitting the same levels of holders in loss as in similar drawbacks in the previous cycle.highlights the key supply and demand levels to watch for Bitcoin as the crypto market faces uncertainty. These levels have emerged as points of interest, reflecting the ongoing battle between bulls and bears as Bitcoin seeks direction amid volatile market conditions.
The $62,000 level is seen as a significant resistance point, a price at which there are a substantial amount of sell orders. Here, Bitcoin faces significant selling pressure from traders looking to capitalize on short-term gains. This level represents a psychological barrier for many market participants, who view it as a potential point of reversal or consolidation in Bitcoin's price trajectory.
In the days ahead, market participants will closely monitor price action for clues about Bitcoin's next move. The recent volatility on the market, driven by a combination of macroeconomic factors and investor sentiment, has heightened uncertainty and added to the significance of theseTomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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Bitcoin traders set $50K price target after BTC falls below key support levelAnalysts target $50,000 Bitcoin price as CryptoQuant data highlights a sharp decrease in demand for spot and leveraged long BTC positions.
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Source: Utoday_en - 🏆 295. / 63 Read more »