🚀 Bitcoin's road to a new high is blocked, and analysts tell you the reasons behind it!
🧐 Recently, the price of Bitcoin has been hovering between $55,000 and $65,000, and it seems a bit difficult to break through the $70,000 mark. So, analysts from IntoTheBlock gave some interesting insights!
📉 Why is it difficult for the price to break through? The reason is that many Bitcoin traders bought BTC in the price range of $61,700 to $70,500, but now the price is around $56,500, which means they are all losing money. So, if the price rises back to this range, there may be a lot of people who want to sell quickly to reduce losses or at least break even.
🔄 Therefore, analysts from IntoTheBlock said that whenever a large number of traders lose money, the price of Bitcoin will face selling pressure when it approaches their purchase level, which is why Bitcoin has difficulty breaking through this price range!
📊 What does historical data say? Historically, September is usually not a good month for Bitcoin. Bitcoin has fallen in September in six of the past seven years, with an average drop of 4.5%. Moreover, September this year did not start well, with the price falling from $60,000 to $55,000.
🌐 At the same time, analysts also mentioned some other factors that may affect the price of Bitcoin, such as market consolidation after Bitcoin halving, uncertainty in the US election, large amounts of Bitcoin held by the government, and the upcoming asset distribution to Mt. Gox creditors.
🐋 Despite the challenges, Bitcoin's on-chain data shows positive signs. The number of wallets holding more than 100 BTC has reached a 17-month high, which means that large investors are buying on dips and may be preparing for a rebound at the end of the year.
💬 What do you think about the current market conditions and future trends of Bitcoin? Do you think Bitcoin can break through the current resistance and set new highs after the interest rate cut in September? Leave your insights in the comment section!
