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

11 October 2022, 14:09 GMT+0000
Updated by Ali Martinez
11 October 2022, 20:07 GMT+0000
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

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.