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

According to Cryptoquant analyst Crazzyblockk, based on the unrealized and realized profit/loss indicators of the Bitcoin network, since the level of $44,000, Bitcoin's decline has reduced short-term holders' profits by more than 50%.

Many people who have held for less than a month are losing money and exiting the market. This significant reduction in profits sensitive to short-term market conditions usually leads to selling pressure. Considering the bearish sentiment in the Bitcoin market, key support levels are within the range of $38,000 to $36,000.