"About 7.9% of Bitcoin in circulation is at a loss... The $105,000 area could act as support"
Minseung Kang
Summary
- On-chain data analytics company Sentora stated that approximately 7.9% of the current Bitcoin in circulation is at a loss.
- It reported that considerable buying interest has emerged between the current price and the $121,000 range.
- They mentioned that with around 900,000 BTC bought at the $105,000 level, it is likely to become a strong support.
While the price of Bitcoin (BTC) is undergoing an adjustment, an analysis based on past buying points suggests that the $105,000 level could be a key support zone.
On the 1st, on-chain data analytics firm Sentora (formerly IntoTheBlock) announced via its official X (formerly Twitter) that "about 7.9% of the current Bitcoin in circulation is at a loss," adding, "This indicates that strong buying interest has formed between the current price and the $121,000 range."
Sentora further stated, "If an additional adjustment occurs, the $105,000 level, where around 900,000 BTC was purchased, is likely to serve as a strong support level."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
