Although we are currently witnessing a correction in the crypto market, it seems that we are still in a bullish phase. This is accompanied by a feeling of FOMO, which stands for “Fear of Missing Out” or the fear of missing out.
Crypto analyst Ali Martinez shared a chart that clearly illustrates this fear. The data, collected by blockchain analytics platform IntoTheBlock, shows that 533,330 addresses purchased Bitcoin at prices ranging between $70,180 and $71,340. With the current Bitcoin value around $67,000, these investors are now in a losing situation.
IntoTheBlock obtained these insights by analyzing on-chain data. This means they calculated the average purchase amount for each address based on when the coins were added to their balance.
A crucial level
Additionally, 382,000 addresses collectively purchased 275,450 BTC within a price range of $64,743 to $66,700. This price zone is densely populated, making it a crucial support level. Since Bitcoin’s current market price is above this zone, these investors are in a profitable position.
Should this support level be broken, the next major support level is in the significant demand zone between $60,760 and $62,790. This zone is supported by 797,500 addresses that have collectively purchased more than 298,000 BTC.
Correction offers opportunities
Dutch analyst Michaël van de Poppe sees no reason for concern with the recent correction. He sees it as a normal part of the current cycle and even an opportunity for investors.
He speculates that Bitcoin may have peaked ahead of the next halving, pointing to lower trading volumes and a bearish divergence. However, the analyst emphasizes the importance of taking advantage of these corrections as buying opportunities, especially for those looking for advantageous entry points into the market.
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Source: https://newsbit.nl/bitcoin-koers-corrigeert-is-dit-het-moment-op-te-kopen/
