Aliens TLDR

He also noted that the purchase was made at $19,000 per BTC, a price level that he described as cheap.

The current price level represents more than an 80% discount from its all-time high (ATH).

Well, a major factor that contributes to the perception that BTC is cheap or discounted at $19,000 is that most of the institutional traders bought in at higher price levels.

This confirms that it found support near this price level after experiencing strong selling pressure since 26 June.

Addresses holding between 1,000 and 10,000 BTC increased their supply from 26.43% on 29 June to 26.5% by 1 July.

In contrast, addresses holding between 10,000 and 100,000 BTC dropped from 11.37% from 29 June to 11.23% on 1 July.

Addresses holding more than 100,000 BTC maintained control of 4.08% of Bitcoin’s supply during the same time period.

Although the $19,000 price level is currently holding as a strong support level, unfavorable market conditions may trigger more downside.