Bitcoin (BTC) is experiencing a period of decline and remains stagnant in unfavorable market conditions. Analysts are concerned that well-informed investors may be prone to emotional reactions, which in turn could exacerbate the stock market decline through panic selling.
Data from IntoTheBlock shows that approximately 54,500 addresses hold 30,300 BTC, with prices ranging between $64,300 and $70,800, causing a supply barrier. If the price of Bitcoin continues to fall, these holders may decide to sell their Bitcoin to limit losses, thereby increasing downward pressure on prices.
Dormant Bitcoin addresses have also become active, with a major wallet recently transferring 25,000 Bitcoin, intensifying market anxiety.
Furthermore, with 104,000 BTC options set to expire on April 28, 2024, the market faces a critical week.
BTC continues to bear selling pressure. In addition, significant Bitcoin ETF outflows and a large amount of BTC moving from exchanges have increased market supply.
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Despite the sell-off, 87% of Bitcoin holders are still profitable, indicating potential for further profit-taking, which could also suppress prices. Analysts predict that BTC will continue to consolidate until the end of summer 2024, with a potential bull market starting around November, coinciding with the U.S. presidential election.
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