Bitcoin (BTC) price appears to be losing the $19,000 support level. On-chain data shows that this downswing could encourage investors to exit their long positions, triggering a sell-off.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that Bitcoin price dropped below a crucial demand barrier. More than 1.74 million addresses had previously purchased nearly 880,000 BTC at an average price of $19,240. These addresses could soon start selling some of their holdings to avoid incurring significant losses.
A spike in selling pressure around the current levels could trigger a steep correction as the IOMAP shows little to no support below Bitcoin price. In fact, the next considerable support area sits around $16,000.
Bitcoin price must reclaim $19,240 as support as soon as possible to avoid a brutal sell-off. Moving back above this pivotal point could give BTC the strength to rebound to $20,000 or higher.
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