According To On-Chain Data, Bitcoin’s Next Support Level Is Still $16,000

The primary support for Bitcoin, according to on-chain data from IntoTheblock provided by crypto researcher Ali Martinez, is located close to $19,100, where approximately 277,000 BTC were previously acquired by 330,000 addresses.

The next important support after this is still located around $16,000, which is the area where several addresses previously purchased BTC.

Nearly $19,000 has been reached by Bitcoin at the time of publication, with intraday lows of $18,910. The cryptocurrency is on course to have a monthly loss of 40.17 percent after losing nearly 6 percent in a single day. Additionally, Ethereum’s 24-hour price fell by 10% to trade close to $1,025. At the time of writing, other cryptocurrencies were also experiencing weakness.

Stocks dipped on Thursday, continuing what has been the worst first half of the year for global share values ever, as investors fear that the latest indication of central banks’ desire to control inflation will cause economies to slow very soon.

As reported by Reuters, central bank chiefs from the Federal Reserve, European Central Bank and Bank of England met in Portugal this week and voiced their renewed commitment to control inflation no matter what pain it causes.

Bitcoin $28,000 remains in reach

According to Deutsche Bank research, Bitcoin might rise as high as $28,000 by the end of the year given how closely it has been trading with U.S. markets.

Under Bitcoin’s leadership, cryptocurrencies have demonstrated high connections with stocks, frequently moving in lockstep during trade. The bank’s experts believe that by year’s end, both Bitcoin and the S&P might be back to their January levels.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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