Bitcoin price reaches important point in the chart

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Bitcoin MVRV Makes Extremely Bullish Cross, End Of Bear Market In Sight?

What you see in the graph are the average purchase prices of different types of investors. It concerns the so-called Realized Price per address. The chart is one of the boys and girls at Whalemap, which offers a lot of insight into how the different groups of investors within Bitcoin are doing at the moment.

The bottom line is the average purchase price of wallets with 10 to 100 Bitcoin, which is currently around $12,000. More interesting are the three lines just above, all of which are between $21,500 and $22,000. There is a chance that this will become a difficult barrier for Bitcoin to break through.

Why is this a difficult barrier?

This concerns the average purchase price of a lot of investors, who may see their chance to get out around this price point without a loss. It is very much in human psychology to want to sell at such moments after a difficult period. “If I can get my investment out, then I get out.” is a phrase we hear all too often in the financial world.

That point has now been reached, so in that respect it will be interesting to see how Bitcoin deals with these resistance lines. Also striking about the chart is that the lower green line functioned as an important support point for Bitcoin until the dawn of time. Somehow people with 10 to 100 Bitcoin manage to always point to the bottom of the market.

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