Advertisement
AD

Main navigation

747,000 BTC Bought at Crucial Bitcoin Demand Zone: Details

Advertisement
Mon, 22/04/2024 - 15:25
747,000 BTC Bought at Crucial Bitcoin Demand Zone: Details
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to crypto analyst Ali, Bitcoin, the leading cryptocurrency by market capitalization, might be poised to establish $66,000 as a key support level, fueled by significant accumulation by a large number of addresses.

Advertisement

On-chain data indicates that 1.54 million addresses have collectively purchased 747,000 BTC at this level, suggesting strong investor confidence and reinforcing bullish sentiment on the market.

"Bitcoin aims to secure $66,000 as support, where 1.54 million addresses bought 747,000 BTC," Ali said in a tweet.

If this move by Bitcoin bulls turns out successful, the next critical resistance level for BTC, according to Ali, might be between $69,900 and $71,200. 

Bitcoin increased modestly to begin the week as the network completed its fourth halving on Friday, lowering the incentives offered to Bitcoin miners.

At the time of writing, BTC had risen 1.97% in the previous 24 hours to $66,210. The Bitcoin halving reduces the rewards given to miners in half and occurs around once every four years, as stipulated by the Bitcoin code. 

Many investors expected little price action in Bitcoin around the halving since it has typically taken many months for the impact to be reflected in the price of Bitcoin. However, JPMorgan believes Bitcoin faces some near-term downside risk.

Related

However, the good news is that Bitcoin is currently positioned right on top of a key demand zone. While it is currently seeking to establish support at the $66,000 level, the $64,800 level comes next into view as a strong support level, with 1.66 million addresses having acquired BTC around here. 

According to IntoTheBlock, the $64,800 price point could potentially act as a strong support level should the market experience further downward pressure.

According to the latest CoinShares data, digital asset investment products saw outflows totaling $206 million for the second week in a row. The data reveals that enthusiasm among ETP/ETF investors is waning, most likely due to predictions that the Fed would retain interest rates at these high levels for longer than projected.

Bitcoin witnessed $192 million in outflows, but few investors recognized this as an opportunity to short, with short-Bitcoin outflows totaling $0.3 million.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD