Increase in Volatility in Bitcoin Led to a Growing Selling Wave: Which Price Levels Are Important? - Coin Bulletin

The recent price movements of Bitcoin (BTC) have caused significant changes in the cost-based distribution of investors and the supply gap below 90,000 dollars is gradually being filled.

About a third of the investors who accumulated heavily at $96,000 - $97,500 levels in February sold their BTC as the price dropped. The formation of a stair-step selling model showed that some investors reacquired the BTC they collected at the $96,000 level when the price dropped to $83,000. However, the overall picture showed heavier selling pressure and a clearer capitulation.

The $97.8 thousand level could create strong resistance

According to Glassnode data, it was observed that 151,000 BTC held at the level of $97.8 thousand did not move despite price fluctuations. This situation indicates that the mentioned level could create significant resistance. When Bitcoin reaches this level again, it is believed that the held BTC may create selling pressure.

On the other hand, although buyers come into play as the price drops to the 93,000 - 83,000 dollars range, the supply is still weak. However, at some levels, large accumulations are forming:

• $84.2 thousand: 23 thousand BTC
• 86.9 thousand dollars: 25.8 thousand BTC (Long-term investors)
• 88.9 thousand dollars: 46 thousand BTC (Large amount of inactive assets)

Bitcoin's UTXO Realized Price Distribution data also confirms this change, while the Cost-Based Distribution metric played a critical role in understanding at which levels investors sold at a loss and where new demands emerged.