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Bitcoin (BTC) Price Dips Below $19,000, Increasing the Risk of a Sell-Off

1 min
Updated by Ali Martinez
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In Brief

  • Bitcoin has dropped below $19,000 for the first time in over a week.
  • The current drop could see a steeper correction occur.
  • There is strong resistance around $19,240, which BTC needs to reclaim.
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Bitcoin (BTC) price appears to be losing the $19,000 support level. On-chain data shows that this downswing could encourage investors to exit their long positions, triggering a sell-off.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that Bitcoin price dropped below a crucial demand barrier. More than 1.74 million addresses had previously purchased nearly 880,000 BTC at an average price of $19,240. These addresses could soon start selling some of their holdings to avoid incurring significant losses.

A spike in selling pressure around the current levels could trigger a steep correction as the IOMAP shows little to no support below Bitcoin price. In fact, the next considerable support area sits around $16,000.

Bitcoin BTC Price
Source: IntoTheBlock

Bitcoin price must reclaim $19,240 as support as soon as possible to avoid a brutal sell-off. Moving back above this pivotal point could give BTC the strength to rebound to $20,000 or higher.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

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Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
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