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