Bitcoin Cryptocurrency Rate Under Pressure: $105,000 Is the Last Line of Defense

After rising to a historical maximum of $124,000, Bitcoin has entered a correction phase. Pressure from large traders remains, which is causing concern among investors. This was stated by CryptoQuant analyst BorisD. He emphasized that against the backdrop of the decline, it is especially important to consider the distribution and accumulation of BTC in different wallet groups. This data shows where the market can find support.

Small storages with a balance of up to 0.1 BTC actively sold coins at the maximums, but at the moment of decline they returned to accumulation. Such investors are characterized by following the price, rather than forming a trend. Wallets holding from 0.1 to 1 BTC began buying at the maximum and continue to accumulate coins. This signals the continued interest of retail participants.

Owners of 1 to 10 coins stopped selling at about $107,000 and moved to accumulation. This trend continues, and this segment shows confidence in future growth. Investors with 10-100 bitcoins have completed purchases at $118,000 and are now in the distribution phase. This indicates caution among mid-level investors.

Wallets with 100-1000 coins on the account show a balance between purchases and sales in the region of $105,000. Such dynamics reflect indecision and uncertainty regarding the future movement. It is this level that now acts as critical support.

Large holders of 1,000 BTC and above continue to distribute. Crypto asset owners have been selling since the peak, although the balance between profit-taking and buying remains. The largest wallets with more than 10,000 coins have started to take profits at ATH and are still selling, but their activity has noticeably decreased.

Source: cryptonews.net