A significant amount of Bitcoin (8,022 BTC worth nearly $738.86 million) has been transferred from Coinbase to an unknown new wallet, sparking speculation about the intentions of the sender. The move comes amidst a broader sell-off in the crypto market, with Bitcoin hitting a three-month low of $86,869. The drop in Bitcoin's price has caused short-term holders to incur losses, and there is concern that the selling pressure could continue if the price fails to regain its cost basis. Analysts are monitoring the $71,000 to $72,000 level, as previous corrections have seen the price fall below this point. The Bitcoin cost basis distribution suggests that the next substantial demand zone is around $89,000 to $87,000, and weaker support may be found at the $71,000 to $72,000 range.



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