{"id":408786,"date":"2022-02-23T07:03:34","date_gmt":"2022-02-23T04:03:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\/"},"modified":"2022-02-23T07:03:34","modified_gmt":"2022-02-23T04:03:34","slug":"bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\/","title":{"rendered":"# Bitcoin price could \u2018probe lower\u2019 as volumes dip and macroeconomic issues loom overhead"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3befa5afa76\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3befa5afa76\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\/#25_of_entities_are_underwater\" >25% of entities are underwater<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\/#Price_could_continue_to_%E2%80%9Cprobe_lower%E2%80%9D\" >Price could continue to \u201cprobe lower\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\/#Whales_look_to_accumulate_below_38000\" >Whales look to accumulate below $38,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price could \u2018probe lower\u2019 as volumes dip and macroeconomic issues loom overhead  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin&#8217;s sell-off <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be taking a pause even though the United States rolled out <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/stock-market-news-live-updates-february-22-2022-124204509.html\">new sanctions against Russia<\/a>\u00a0on Feb 22.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the price of Bitcoin (BTC) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/ba24fabd-c144-40c6-89b6-c62920af6684.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"25_of_entities_are_underwater\"><\/span>25% of entities are underwater<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded \u201cthat the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/5de821f2-bded-4529-bcef-524daf8581da.png\"><figcaption style=\"text-align: center;\"><em>Percentage of entities holding Bitcoin that are in profit. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>As shown in the chart above, \u201cmore than a quarter of all network entities are now underwater on their position,\u201d while \u201capproximately 10.9% of the network has a cost basis between $33,500 and $44,600.\u201d<\/p>\n<p>Glassnode said, <\/p>\n<blockquote><p>\u201cIf the market fails to establish a sustainable uptrend, these users are statistically the most likely to become yet another a source of sell-side pressure, especially if price trades below their cost basis.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Price_could_continue_to_%E2%80%9Cprobe_lower%E2%80%9D\"><\/span>Price could continue to \u201cprobe lower\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further insight into the headwinds facing BTC was provided by cryptocurrency research firm Delphi Digital, who previously noted that Bitcoin was \u201cmoving into an area of daily, weekly and monthly resistance.\u201d<\/p>\n<p>This confluence of resistance prompted Delphi Digital to suggest that \u201c$45,000 was a logical place to expect profit-taking\/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows,\u201d which indeed turned out to be the case as the price dumped shortly after reaching that level. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/bd16579c-b472-47b5-9dbe-95f26afa3ed3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 12-hour chart. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>According to Delphi Digital, the price of Bitcoin \u201chas stalled for the last two weeks\u201d and has yet to \u201creclaim any weekly support structure or the midpoint of the yearly range.\u201d<\/p>\n<p>Delphi Digital said, <\/p>\n<blockquote><p>\u201cIf the $40,000 level fails to hold, the next level of market structure is in the area of $38,500. Should we lose this level, you can expect prior lows to be revisited, with a decent likelihood of price probing lower.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Analysts say Bitcoin &#8216;bottom is in\u2019 as BTC bounces back to $38,000<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whales_look_to_accumulate_below_38000\"><\/span>Whales look to accumulate below $38,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of insight into the movement of Bitcoin whales was provided by on-chain analysis firm Whalemap, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1496204569407365122\">posted<\/a> the following chart highlighting areas where BTC wallets saw heavy inflows during the past four months. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/e8651e89-1085-40cb-87aa-71f538c5e36a.jpg\"><figcaption style=\"text-align: center;\"><em>Large Bitcoin wallet inflows. Source: Whalemap<\/em><\/figcaption><\/figure>\n<p>Whalemap said, <\/p>\n<blockquote><p>\u201cAreas of whale interest are very well defined now. $34,000 awaits below $36,000-$37,000. Macro trend reversal above $48,500.\u201d<\/p><\/blockquote>\n<p>Possible areas of resistance identified on the chart above include $40,000, $43,500, $46,500 and a major resistance level at $48,500. <\/p>\n<p>A final bit of hope for BTC bulls was offered by\u00a0Bloomberg Senior Commodity Strategist, Mike McGlone, who posted the following tweet suggesting that Bitcoin is currently on-sale relative to \u201cits annual average since the 2020 and 2018 lows.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">About 20% below its 50-week ma, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is approaching too-cold levels that have often resulted in good price support. Our graphic depicts the most extreme discount for the crypto vs. its annual average since the 2020 and 2018 lows. On Feb. 22, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DowJones?src=hash&amp;ref_src=twsrc%5Etfw\">#DowJones<\/a> was close to parity <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SXUaEv0jow\">pic.twitter.com\/SXUaEv0jow<\/a><\/p>\n<p>\u2014 Mike McGlone (@mikemcglone11) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1496193529965649928?ref_src=twsrc%5Etfw\">February 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The overall cryptocurrency market cap now stands at $1.708 trillion and Bitcoin\u2019s dominance rate is 42.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-could-probe-lower-as-volumes-dip-and-macroeconomic-issues-loom-overhead\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price could \u2018probe lower\u2019 as volumes dip and macroeconomic issues loom overhead &#8221; Bitcoin&#8217;s sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia\u00a0on Feb 22. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) continues to hover slightly below&#8230;<\/p>\n","protected":false},"author":1,"featured_media":408787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvYTY5MTIyNjgtYWI2Yi00MjEzLWE1MTYtODcwNjAyMTNjZmY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-408786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=408786"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/408787"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=408786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=408786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=408786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}