Bitcoin (BTC) has dipped by 4.05% in the last seven days, and volatility persists in the broader cryptocurrency space. With market-wide fluctuations, the flagship crypto asset might not suffer more dips as over 91% of Bitcoin in circulation are “In The Money.”
Bitcoin resistance level to watch
As per IntoTheBlock data, 91% of assets in profit represents 18.26 million BTC valued at $2.08 trillion. This massive volume of assets reflects holders who are in profit. This indicates that such holders are unlikely to experience any sell pressure despite the current decline in price.
As of this writing, Bitcoin is changing hands at $113,344.17, which represents a 1.64% decline in the last 24 hours. The coin has lost over $2,000 within this period as it plunged from an intraday peak of $115,789.41 to its current level.
Despite this significant plunge, more holders remain in profit and might be watching out for further price movements before taking a sell decision.
Notably, if Bitcoin can flip the resistance level at $115,891, it has the potential to witness a breakout rally. As per technical indicators, this could trigger a spike to $150,000 if successfully supported by volume.
On-chain data highlights pressure zones
Meanwhile, 1.41 million BTC are currently “Out Of The Money.” These holders account for 7.06% with a total value of $159.83 billion in assets. It represents holders who bought the asset at a price higher than the current market price. They are likely to sell if they are not long-term holders but traders engaged in profit-taking.
The remaining 1.27% of holders with 252,980 BTC are “At the Money.” The fiat value of their holdings stands at $28.77 billion.
With attention now fixed at approximately $116,000, market participants will be eager to see ecosystem bulls push prices up. However, the broader financial market uncertainty might slow the rebound even as volume remains in the red zone by 21.79% at $67.56 billion, an indication that investors are cautiously watching the price outlook.