Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level
22 Maio 2024 - 3:00PM
NEWSBTC
Bitcoin is cooling off after an impressive 25% spike from May 2024
lows. Even with this cool-off, some analysts are upbeat, predicting
the coin will extend gains in future sessions. Bitcoin Finds Strong
Support Between $70,180 and $70,600 In a post on X, one
analyst believes Bitcoin has strong support at around $70,180
and $70,600. The analyst explained that on-chain data shows that
over 450,000 addresses collectively bought over 273,000 BTC at this
price range. For this reason, the concentration of BTC
holdings in this zone means the coin has strong support. If the
level is to be broken, then sellers would need to make an even
larger effort to break through this line, with a higher amount of
BTC hitting the sell side of the equation. Related Reading:
Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To
Watch On-chain analytics firm Glassnode notes that the Bitcoin
market is cooling after intense selling pressure. After the strong
uptick that saw the coin roar to as high as $73,800 in March 2024,
prices plunged to as low as $56,500 this month. Prices have since
recovered, but bulls have yet to break above all-time highs. While
capital inflows remain moderate, Glassnode adds, volatility has
decreased noticeably. Still, whether this volatility will shoot
higher once $72,000 is broken remains to be seen. BTC Retraces:
Will Bulls Break $72,000? All eyes are on whether BTC bulls
will shake off the current correction. In a post on X, another
analyst said holders shouldn’t be worried because of this
pullback and the failure of bulls to confirm the May 20 leg up.
Instead, the analyst is confident, saying pullbacks are a natural
part of any bull market. The recent 23% correction, the analyst
added, is an example. What’s important is that every retracement
has been from a higher position. Therefore, the next local bottom
will likely be higher than the previous one, potentially reaching
around $80,000. Related Reading: Bitcoin Seen Breaching
$73,000 As ‘Bull Run’ Looms, Analyst Says Thus far, BTC has a
strong resistance of $72,000. The bulls didn’t push through this
line, even with more serious attempts in early April. As a result,
this reaction level remains important from a technical perspective.
Any breakout for now would increase the probability of BTC prices
floating to retest $73,800 or break higher. In the days ahead,
inflows to spot Bitcoin exchange-traded funds (ETFs) coupled with
improving sentiment might spark more demand. In that likelihood,
BTC bulls will find the momentum to confirm the May 20 bar and
break above the local resistance. Feature image from DALLE, chart
from TradingView
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