Bitcoin still has room to fall, according to on-chain data and the profitability of the first cryptocurrency
According to the on-chain data, only 52% of coins are currently underwater on the market, which, compared to previous cycle bottoms, is at least 5% lower than it should be to mark the current price level as the point of reversal.
Unfortunately, it is hard to determine the max pain price for the majority of the market as the positions of traders and investors are distributed unequally across different support and resistance levels. For example, a plunge below $20,000 might not cause a spike in the percentage of unprofitable coins, while a move below $19,000 would produce a large portion of open positions.
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