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Bitcoin is hovering above $67,000. At the time of writing, Bitcoin was trading at $67,487, up 0.04% on the day, after dropping as low as $65,702 in the past day.
Long-term indicators are signaling a rebound following months of profit-taking that have left Bitcoin about 40% below its October all-time high.
According to AliCharts, Bitcoin has historically bottomed below the 1130-day SMA, which currently sits at $66,500, highlighting the significance of this level.
Bitcoin has been declining since reaching an all-time high above $126,000 in October, with the sell-off increasing since the past month. Bitcoin fell below $70,000 on Feb. 6, to reach a low of $60,001, where it rebounded.
Bitcoin returned above $70,000, reaching $72,232 on Feb. 8, but has struggled to push higher from that, remaining in the range of $65,702 and $72,232.
Bitcoin whales buying
Bitcoin whale wallets bought about 53,000 coins in the past week, the largest buying spree since November, after weeks of heavy selling. This helped to stabilize prices after a sell-off, even as most other investors stayed on the sidelines.
Glassnode data indicate that wallets holding more than 1,000 Bitcoin added more than $4 billion worth over the past week, interrupting months of sell-off that have left Bitcoin about 40% below its October peak.
Key levels to watch
Bitcoin remains defensive between $60,000 and $72,000 range while the resistance at $82,000 to $97,000 remains. Treasury outflows, declining spot volume and cooling futures might suggest shallow demand, restricting the Bitcoin price.
Bitcoin is confined between its True Market Mean at $79,200 and realized price at $55,000 while sell-side pressure continues to be absorbed in the $60,000 to $72,000 demand range.
Major supply clusters in the range between $82,000 to $97,000, and $100,000 to $117,000, are in unrealized losses, which might pose an overhead barrier during relief rallies.
Vladislav Sopov
Dan Burgin