As the price of Bitcoin (BTC) falls below $41,000 today, there has been a growing adoption of the world’s largest cryptocurrency.
According to data provided by IntoTheBlock, the aggregate balance of Bitcoin being held by addresses holding between 0.1 and 1 BTC has reached an all-time high of 780,00 units of Bitcoins.
Per the report, the major part of the accumulation was observed among addresses holding between $4,000 and $40,000 worth of Bitcoin.
“The group holding between $4,000 to $40,000 roughly worth of #Bitcoin was the fastest grower over the past month,” IntoTheBlock tweeted.
All-time high – The aggregate balance held by addresses with 0.1 to 1 $BTC reached a record of over 780,000 Bitcoin.
The group holding between $4,000 to $40,000 roughly worth of #Bitcoin was the fastest grower over the past month
Chart: https://t.co/kGlQpvSj57 pic.twitter.com/7o5jiGlzk6
— IntoTheBlock (@intotheblock) March 4, 2022
The $40,000 price level is considered as major support for the cryptocurrency, as more than 662,000 Bitcoin addresses acquired nearly 880,000 BTC at that price.
“If #Bitcoin fails to hold above such a crucial support zone, these addresses might be inclined to sell their holdings to avoid incurring significant losses,” popular cryptocurrency trader Ali Martinez said.
'@intotheblock's IOMAP shows the importance of the $40,000 level where more than 622K addresses hold nearly 880K $BTC.
If #Bitcoin fails to hold above such a crucial support zone, these addresses might be inclined to sell their holdings to avoid incurring significant losses. pic.twitter.com/28JaTlmEtp
— Ali Martinez (@ali_charts) March 4, 2022
Should Bitcoin fail to hold the $40,000 support and several traders are forced to sell, the price of BTC could dip below $39,000, which is also considered as another key support for the world’s largest cryptocurrency.
Further data provided by Martinez shows that 58.65% of Binance Futures traders are net-long on Bitcoin, which could usher in a major dip in order to liquidate over leveraged traders.
On @BinanceFutures, 58.65% of all accounts are net-long on #Bitcoin, which could result in a $BTC dip to liquidate some overleveraged traders. pic.twitter.com/Jl7Pj9vZwN
— Ali Martinez (@ali_charts) March 4, 2022
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
