This Bitcoin (BTC) Level May Present A Jumping-On Point For Investors
The world’s largest cryptocurrency, Bitcoin (BTC) has registered a volatile start to the week, crashing below the $24,000 level in the past 24 hours.
Watch for the $23.4K level
According to experts, Bitcoin’s Realized Price at $23.4K is the most watched level by the investors. It is expected that many investors will become a buyer if the world’s largest cryptocurrency breaks down under this level. However, BTC has seen a liquidation of over $410 million worth in the last 24 hours.
Bitcoin has been recording a continued collapse in its value since the beginning of the year. BTC’s prices are recorded to be down by over 42% in the past 60 days. It is trading at an average price of $23,648, at the press time. As per Glassnode, BTC is now hovering over its Realized Price level at $23,430. However, BTC’s 24 hour trading volume has jumped by more than 90% to trade at $63.47 billion.
It is the first time since December 2020 that Bitcoin has dropped below the $24k price level. However, the percentage of addresses enjoying profits from their BTC positions has gone under 50%. As per the IntoTheBlock, BTC trading in the $23k price range leaves only 46.68% of the addresses holding Bitcoin are in the money. It amounts to 21.49 million addresses.
Binance halts Bitcoin withdrawals
Meanwhile, Binance has Temporarily halted Bitcoin withdrawals on its platform. It mentioned that this is done due to a stuck transaction causing a backlog and it will soon be fixed.
However, the evolving crypto market has been on a constant decrease since it touched its all time high (ATH) of $3 trillion in November. It is now running with a total market capitalization of around $985 million. In the last 24 hours, over 259K traders have liquidated a total of $970.13 million.
Glassnode reported that the drop in BTC’s price has to lead in the 1+ Bitcoin holders. The tally of addresses has hit the ATH with 852,633.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.