Bitcoin trades below massive supply wall; Is a huge sell-off imminent?

As Bitcoin (BTC) struggles to reclaim support above $23,000 as bulls and bears continue to slug it out over the significant price barrier with a ‘massive supply wall’ having formed just above the price level.

According to information obtained by Finbold from IntoTheBlock, as of February 7, 1.85 million addresses bought 1.13 million BTC for an amount ranging from $22,987 to $23,662. As things stand, Bitcoin is currently trading at $22,995, up 0.42% on the day.

Particularly noteworthy is the fact that BTC trades below this large supply wall, and crypto trading expert Ali Martinez has said that Bitcoin has to regain this region as support fast in order to prevent these addresses from selling.

“BTC needs to reclaim this area as support very soon to prevent these addresses from selling their holdings.”

Bitcoin could be headed to $28,000

Bitcoin is still aggressively holding the levels that are inside the range-low, and while Michael a de Poppe is still leaning toward a sweep of $21,700 as the most optimal long entry, he believes that it is improbable given the present degree of excitement surrounding the market. In this regard, it looks likely that the price will continue to climb to somewhere between $26,000 and $28,000.

“Bitcoin is still eagerly holding the levels of the range-low. I’m still favoring a sweep of $21.7K as the most optimal long entry, but people are so hyped to get in the markets that, most-likely we won’t get it. In that regard, continuation to $26-28K seems likely.”

Meanwhile, IntoTheBlock has found that addresses that own more than $10 million worth of Bitcoin have raised their holdings the most over the previous month showing the belief that many organizations and people with significant wealth have in Bitcoin.

Data calculated by Finbold on January 28 revealed that with the crypto market resurgence, over 44,000 new Bitcoin millionaires were made. On January 28, the number of Bitcoin millionaires stood at 72,483, representing an increase of 44,399, or 61%, from the January 5 figure of 28,084 BTC millionaire holders.

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