As per the latest on-chain reports, around 5.45 Million addresses have acquired 3.03 Million BTCs between the range of $70,800 and $64,300 forming a huge supply barrier in this market. This further risks the possibility of a sharp correction in the Bitcoin price in the coming time. Theoretically, if the BTC price continues to drop, these holders could sell their holds as per spot loss, which could further pull the price of Bitcoin toward its multi-month low.

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