Cryptoquant analyst: BTC may drop to the $38,000 to $36,000 range

TechFlow reported, citing Cryptoquant analyst Crazzyblockk, that according to the Bitcoin network's Unrealized and Realized Profit/Loss metrics, the decline in Bitcoin since the $44,000 level has reduced short-term holder profits by more than 50%.

Many holders who have owned Bitcoin for less than a month are exiting the market at a loss. Such a significant reduction in profit, sensitive to short-term market conditions, typically leads to selling pressure. Considering the bearish sentiment in the Bitcoin market, the key support range lies between $38,000 and $36,000.