CryptoQuant analyst Tuğba T. has identified a significant selling pressure in Bitcoin 
$77,420, ranging between $61,000 and $72,000, based on on-chain data analysis. According to Tuğba, many investors are currently at a loss within this price range, which could lead to an increase in selling pressure. She emphasized that $55,600 is a critical support level for Bitcoin, warning that dropping below this threshold could result in a deeper bearish trend in the market.
Investors in the $61,000 to $72,000 Range Could Increase Selling Pressure
According to Tuğba’s analysis, Bitcoin’s current on-chain cost indicates that investors who bought in the higher price range are holding substantial amounts of Bitcoin at a loss. Notably, the trading volume is high between $61,000 and $72,000, and if investors at these price points decide to sell, it could further amplify the downward pressure on the market.
Tuğba added that the current market environment reflects fragile investor sentiment, and heightened selling pressure at higher price levels could significantly reduce Bitcoin’s price.
$55,600 as a Critical Threshold
Tuğba highlighted that $55,600 is currently an essential support level for Bitcoin. She warned that breaking this support level could result in increased market volatility.
The analyst stressed that this price level is not just a technical support but also a cost threshold for many on-chain Bitcoin positions. According to Tuğba, if this threshold is breached, selling pressure will likely increase, leading to further declines.
Tuğba also noted that on-chain data analyses indicate that investors who bought between $61,000 and $72,000 are at a higher risk of substantial losses, and selling from this segment could become a significant source of selling pressure in the market.
Recent data shows that BTC is trading at $56,622, a 1.08% drop in the last 24 hours. Additionally, ahead of the US inflation data release at 3:30 PM local time, Bitcoin’s trading volume has decreased by 7.65% to $31.15 billion.
