Bitcoin’s sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia<\/a>\u00a0on Feb 22.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows that the price of Bitcoin (BTC<\/a>) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone. <\/p>\n Here\u2019s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term.<\/p>\n On-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded \u201cthat the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.\u201d<\/p>\n As shown in the chart above, \u201cmore than a quarter of all network entities are now underwater on their position,\u201d while \u201capproximately 10.9% of the network has a cost basis between $33,500 and $44,600.\u201d<\/p>\n Glassnode said, <\/p>\n \u201cIf the market fails to establish a sustainable uptrend, these users are statistically the most likely to become yet another a source of sell-side pressure, especially if price trades below their cost basis.\u201d<\/p><\/blockquote>\n Further insight into the headwinds facing BTC was provided by cryptocurrency research firm Delphi Digital, who previously noted that Bitcoin was \u201cmoving into an area of daily, weekly and monthly resistance.\u201d<\/p>\n This confluence of resistance prompted Delphi Digital to suggest that \u201c$45,000 was a logical place to expect profit-taking\/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows,\u201d which indeed turned out to be the case as the price dumped shortly after reaching that level. <\/p>\n According to Delphi Digital, the price of Bitcoin \u201chas stalled for the last two weeks\u201d and has yet to \u201creclaim any weekly support structure or the midpoint of the yearly range.\u201d<\/p>\n Delphi Digital said, <\/p>\n \u201cIf the $40,000 level fails to hold, the next level of market structure is in the area of $38,500. Should we lose this level, you can expect prior lows to be revisited, with a decent likelihood of price probing lower.\u201d<\/p><\/blockquote>\n Related: <\/em><\/strong>Analysts say Bitcoin ‘bottom is in\u2019 as BTC bounces back to $38,000<\/em><\/strong><\/a><\/p>\n A final bit of insight into the movement of Bitcoin whales was provided by on-chain analysis firm Whalemap, who posted<\/a> the following chart highlighting areas where BTC wallets saw heavy inflows during the past four months. <\/p>\n Whalemap said, <\/p>\n \u201cAreas of whale interest are very well defined now. $34,000 awaits below $36,000-$37,000. Macro trend reversal above $48,500.\u201d<\/p><\/blockquote>\n Possible areas of resistance identified on the chart above include $40,000, $43,500, $46,500 and a major resistance level at $48,500. <\/p>\n A final bit of hope for BTC bulls was offered by\u00a0Bloomberg Senior Commodity Strategist, Mike McGlone, who posted the following tweet suggesting that Bitcoin is currently on-sale relative to \u201cits annual average since the 2020 and 2018 lows.\u201d<\/p>\n About 20% below its 50-week ma, #Bitcoin<\/a> is approaching too-cold levels that have often resulted in good price support. Our graphic depicts the most extreme discount for the crypto vs. its annual average since the 2020 and 2018 lows. On Feb. 22, the #DowJones<\/a> was close to parity pic.twitter.com\/SXUaEv0jow<\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/ba24fabd-c144-40c6-89b6-c62920af6684.png\")
25% of entities are underwater<\/h2>\n
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Price could continue to \u201cprobe lower\u201d<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/bd16579c-b472-47b5-9dbe-95f26afa3ed3.png\")
Whales look to accumulate below $38,000<\/h2>\n
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