Historically many bitcoiners in loss, data indicates more selling pressure

Bitcoin (BTC) briefly dropped to a new annual low around $15,500 early this week. Subsequently, the price recovered quite quickly and then returned to the same area as before, which was between $16,500 and $16,700.

Bitcoin failed to break out there yesterday and is down slightly early this morning, but appears to be finding support around $16,400. At the time of writing, the BTC price stands at $16,410 on Binance and $15,750 on Bitvavo.

This means that the bitcoin price is 1% down today. The trading volume fell by 25% in the past 24 hours. The total market capitalization is $316 billion and the dominance is 38.2%. The Fear & Greed Index comes out at 20 (Extreme Fear).

Long weekend, low volume

Yesterday was Thanksgiving in the United States and US financial markets remained closed. The markets will also close earlier today.

That could mean we will have a long weekend of low volumes in the crypto market. Meanwhile, the trading volume on crypto exchanges has cooled down considerably since the FTX crash, reports analysis company Kaiko:

Average bitcoin investor heavy in loss

Profitability in the bitcoin market is currently at its worst ever, analyst Checkmate writes. The average bitcoin investor is currently at an unrealized loss of -37%. Only 75 days have BTC investors been worse off in Bitcoin’s nearly 14-year history.

Exchange flow indicates more BTC selling pressure

Despite this, many analysts fear for worse. In recent days, the flow of bitcoin to exchanges has increased again, reports CryptoQuant analyst Shahsavar.

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From data, it appears to be long-term holders sending their BTC to exchanges, possibly to sell. That could lead to more selling pressure, but could also invite whales that want to accumulate during the bottom.

Bitcoin is struggling with a large supply wall

For now, the area between $16,600 and $17,060 is providing a lot of resistance, Ali Martinez reports. There is a significant one here supply wall as nearly 950,000 addresses bought some 800,000 BTC here. A strong upward movement is needed to break through this barrier.

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