{"id":565876,"date":"2023-12-19T01:00:01","date_gmt":"2023-12-19T01:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=565876"},"modified":"2024-06-11T07:43:48","modified_gmt":"2024-06-11T07:43:48","slug":"bitcoin-crash-to-38000-heres-what-could-trigger-it","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-crash-to-38000-heres-what-could-trigger-it\/","title":{"rendered":"Bitcoin Crash To $38,000: Here’s What Could Trigger It"},"content":{"rendered":"

Data shows Bitcoin is losing a major region of on-chain support with its latest plunge. Here’s the range where the next zone lies for the asset.<\/p>\n

Bitcoin Has Slipped Under $41,200 To $42,400 Support Region<\/h2>\n

As explained by analyst Ali in a post<\/a> on X, BTC has slipped under a key on-chain support zone today. An “on-chain support” range refers to a price below the current spot price of the cryptocurrency that hosts the cost basis of many\u00a0investors.<\/p>\n

For any holder, the cost basis, the price at which they bought their coins, is a fundamental level, as a retest of it by the cryptocurrency can change their profit-loss balance.<\/p>\n

Related Reading: XRP Gets Rejected Down: Analyst Predicts Bottom Target<\/a><\/div>\n

Investor psychology works such that if this retest of the cost basis happens from above (meaning that the holder had been carrying profits before this), the holder might react by buying more of the asset because they may believe this same price range could turn out to be profitable again in the future.<\/p>\n

On the other hand, any investor who had been in a loss earlier could become likely to sell when the price reaches its break-even mark, as they wouldn’t want to miss out on the opportunity to escape without any losses if the asset happens to drop again shortly.<\/p>\n

The individual investors’ reactions aren’t generally relevant to the market as a whole. Still, if many holders show this reaction at once, the combined force can cause fluctuations in the price.<\/p>\n

Now, here is a chart that shows what the different price ranges look like for Bitcoin in terms of the number of addresses who bought at them:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the range around $38,000 is heavy with investors at present | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin range between $41,200 and $42,400 is quite thick with investors. In total, 1.87 million addresses have bought 727,520 BTC at these levels.<\/p>\n
Bitcoin has been moving in and out of this crucial support<\/a> region the past day, suggesting that the zone may weaken. If the range gets lost, BTC might see an extended drop below towards the next major support zone.<\/p>\n
The chart shows that the $37,400 to $38,700 range is where substantial on-chain support<\/a> could next be available, as 1.28 million addresses have their cost basis.<\/p>\n
Related Reading: VanEck CEO Predicts When The Bitcoin Price Will Reach $69,000 Again<\/a><\/div>\n
Thus, Bitcoin may be at risk of declining to as low as $38,000 (the average price of the range) shortly. In the potential scenario of such a drawdown, the current $41,200 to $42,400 range could also become resistance, as these addresses would become loss holders desperate to leave.<\/p>\n
BTC Price<\/h2>\n
Bitcoin slipped toward the $40,500 level during the past day but has since recovered to the $41,600 mark. It would appear that the support may not be entirely lost yet.<\/p>\n
\"Bitcoin<\/p>\n
The price of the coin seems to have gone through a rollercoaster today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows Bitcoin is losing a major region of on-chain support with its latest plunge. Here’s the range where the next zone lies for the asset. Bitcoin Has Slipped Under $41,200 To $42,400 Support Region As explained by analyst Ali in a post on X, BTC has slipped under a key on-chain support zone today. An “on-chain support” range refers to a price below the current spot price of the cryptocurrency that hosts the cost basis of many\u00a0investors. For any holder, the cost basis, the price at which they bought their coins, is a fundamental level, as a retest of it by the cryptocurrency can change their profit-loss balance. Related Reading: XRP Gets Rejected Down: Analyst Predicts Bottom Target Investor psychology works such that if this retest of the cost basis happens from above (meaning that the holder had been carrying profits before this), the holder might react by buying more of the asset because they may believe this same price range could turn out to be profitable again in the future. On the other hand, any investor who had been in a loss earlier could become likely to sell when the price reaches its break-even mark, as they wouldn’t want to miss out on the opportunity to escape without any losses if the asset happens to drop again shortly. The individual investors’ reactions aren’t generally relevant to the market as a whole. Still, if many holders show this reaction at once, the combined force can cause fluctuations in the price. Now, here is a chart that shows what the different price ranges look like for Bitcoin in terms of the number of addresses who bought at them: Looks like the range around $38,000 is heavy with investors at present | Source: @ali_charts on X As displayed in the above graph, the Bitcoin range between $41,200 and $42,400 is quite thick with investors. In total, 1.87 million addresses have bought 727,520 BTC at these levels. Bitcoin has been moving in and out of this crucial support region the past day, suggesting that the zone may weaken. If the range gets lost, BTC might see an extended drop below towards the next major support zone. The chart shows that the $37,400 to $38,700 range is where substantial on-chain support could next be available, as 1.28 million addresses have their cost basis. Related Reading: VanEck CEO Predicts When The Bitcoin Price Will Reach $69,000 Again Thus, Bitcoin may be at risk of declining to as low as $38,000 (the average price of the range) shortly. In the potential scenario of such a drawdown, the current $41,200 to $42,400 range could also become resistance, as these addresses would become loss holders desperate to leave. BTC Price Bitcoin slipped toward the $40,500 level during the past day but has since recovered to the $41,600 mark. It would appear that the support may not be entirely lost yet. The price of the coin seems to have gone through a rollercoaster today | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":565889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,512,90902,748,1119,1144],"class_list":["post-565876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-decline","tag-bitcoin-on-chain-support","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Crash To $38,000: Here's What Could Trigger It<\/title>\n<meta name=\"description\" content=\"Data shows Bitcoin has lost a major region of on-chain support after its latest plunge. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Crash To $38,000: Here’s What Could Trigger It","url":"http:\/\/wncen.com\/news\/bitcoin-crash-to-38000-heres-what-could-trigger-it\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-crash-to-38000-heres-what-could-trigger-it\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin decline","bitcoin on-chain support","bitcoin support","btc","btcusd"],"dateCreated":"2023-12-19T01:00:01Z","datePublished":"2023-12-19T01:00:01Z","dateModified":"2024-06-11T07:43:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Crash To $38,000: Here’s What Could Trigger It\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-crash-to-38000-heres-what-could-trigger-it\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-crash-to-38000-heres-what-could-trigger-it\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin decline\",\"bitcoin on-chain support\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-12-19T01:00:01Z\",\"datePublished\":\"2023-12-19T01:00:01Z\",\"dateModified\":\"2024-06-11T07:43:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/565876"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=565876"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/565876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/565889"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=565876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=565876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=565876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}