Julio Moreno shared the first support zone that could cover the price if the Bitcoin decline continues.
According to data shared by CryptoQuant Research Director Julio Moreno, Bitcoin’s on-chain support level can be found around $80,000. It was stated that this level coincides with the point where the metric called “Trader Realized Price” (pink line on the chart) is located.
The significance of this price level is defined as a region where investors' unrealized profits (purple area on the chart) reach zero, thus creating less incentive to sell.
According to Moreno’s analysis, selling pressure can be expected to decrease at this level, as investors may focus on the potential higher price expectation once the price reaches this threshold.
Bitcoin, which entered a volatile price movement at the beginning of the year, rose to $94,500 last night, but this was a temporary movement. At the time of writing, Bitcoin is finding buyers at $92,000.
Stay tuned.