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Bitcoin losing all major areas of support; Will it drop below $24k?

Bitcoin losing all major areas of support; Will it drop below $24k?

As the bearish trend continues to dominate the cryptocurrency industry, most digital assets are taking their cue from the market’s representative – Bitcoin (BTC) – which itself threatens to decline even further as it seems to be losing all its major areas of support.

Specifically, Bitcoin losing critical areas of support increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTC and are in profit, as observed by cryptocurrency analyst Ali Martinez in a tweet on May 25.

In/out of the money around specific Bitcoin price. Source: Ali Martinez/IntoTheBlock

Indeed, the graphic Martinez retrieved from the crypto monitoring platform IntoTheBlock demonstrates that 852,620 addresses have purchased 341,600 BTC at the average price of $23,484.56, the area which could represent the next target for the flagship decentralized finance (DeFi) asset.

On the other hand, the 1.84 million addresses had purchased 870,730 BTC at the price between $26.426.06 and $27,167.61 (average of $26,947.06) and are at loss, with this area representing the closest resistance level for the maiden digital asset.

Bitcoin price analysis

At press time, Bitcoin was changing hands at the price of $26,181, which shows a drop of 2.10% in the last 24 hours, as well as a decline of 4.45% over the previous seven days and a 4.05% dip on its monthly chart, as per the recent data on May 25.

Bitcoin 7-day price chart. Source: Finbold

Earlier, pseudonymous crypto market analyst Rekt Capital noted that Bitcoin had carried out another weekly close below $27,600, confirming the breakdown from this level and preparing itself for an even deeper drop, as Finbold reported on May 22.

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