Analysis: 1.6 million addresses previously purchased an average of $97,200 worth of 1.57 million BTC, creating a resistance level.

BlockBeats News, February 12th, According to Intotheblock, 1.6 million addresses have collectively purchased 1.57 million BTC at an average price of $97,200, which is currently forming a resistance level.

As these holders are currently at a loss, they may choose to sell when approaching breakeven, thereby increasing selling pressure in the face of market uncertainty and making it more challenging for BTC to break through to the upside.