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Bitcoin (BTC), the first and largest cryptocurrency by market cap, has seen tremendous bullish momentum, reaching a new 2024 high of $64,100 on Wednesday.
Bitcoin finished about 45% higher in February, marking its sixth consecutive monthly rise and its best performance since December 2020.
One aspect that may have contributed to this rally is the massive demand for Bitcoin from a large number of investors who purchased BTC at a key price range.
According to crypto analyst Ali, who cited IntoTheBlock data, Bitcoin holds above a massive support wall, with 1 million addresses buying over 671,000 BTC within the price range of $60,334 to $62,155.
This accumulation zone, according to Ali, highlights strong investor confidence and could serve as a crucial level of support for BTC, potentially cushioning against further drops.
Moving forward, Bitcoin will face its next hurdle in the range between $63,282 and $67,413. This is where 48,440 BTC were bought by 193,230 Bitcoin addresses at an average price of $65,164, per IntoTheBlock.
Tomiwabold OlajideAt the time of writing, BTC was marginally up 0.05% in the last 24 hours to $62,010. As Bitcoin takes a breather after its big run, it is on track for a 21% weekly gain, albeit down 9.95% from its current ATH.
While Bitcoin is still short of its November 2021 all-time high (ATH) of about $69,000 in U.S. dollars, it has already surpassed record highs in local currencies in numerous countries across the world.
Bitcoin has reached new highs in economic powerhouses such as China, Japan, the United Kingdom and India, as well as growing economies like Argentina, Turkey and Egypt.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team