Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level

Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level
фото показано с : newsbtc.com

2024-5-23 21:00

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. 

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. 

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.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96843.87 (-0.12%)
Объем 24H $42.84b
Изменеия 24h: -0.61 %, 7d: -5.67 %
Cегодня L: $96041.94 - H: $97458.26
Капитализация $1917.47b Rank 1
Цена в час новости $ 69467.71 (39.41%)

bitcoin 180 support gains extend coin predicting

bitcoin 180 → Результатов: 126


Фото:

Ethereum Could Soon Rally Up to 180% Against BTC as Strength Mounts

Ethereum and Bitcoin have both seen significant declines against their USD trading pairs today This came about after the benchmark cryptocurrency raced to all-time highs and posted a rejection at this level, pointing to underlying weakness amongst bulls ETH’s BTC trading pair, however, has remained stable, as the two digital assets moved lower in tandem This is a positive thing for Ethereum, as one analyst is noting that ETH/BTC’s current strength indicates that this trading […]

2020-12-2 23:00


Фото:

В CoinMetrics сообщили о замедлении роста хешрейта биткоина

Аналитическая компания CoinMetrics сообщила о замедлении темпов роста хешрейта биткоина за последние два года. Исследователи отмечают, что ситуацию может исправить сезон дождей в Китае. Bitcoin's hash rate grew 180% in 2018, 141% in 2019 and is up 22% YTD Is growth slowing? Or will the Chinese wet season lead to another >100% annual growth? For more mining performance indicator's, check out the June CMBI Mining Index Factsheet - https://t.

2020-7-23 12:01


Оборот Bitcoin во II квартале превысил 180 миллиардов долларов. Криптосфера демонстрирует развитие

По итогам апреля-июня текущего года оборот криптовалют Bitcoin, только в рамках транзакций, проведенных непосредственно на блокчейне, превысил 180 миллиардов долларов. Не меньший объем сделок был зафиксирован и во «вторых слоях» к блокчейну Bitcoin, которые позволяют ускорить процесс сделок с этой криптовалютой.

2020-7-4 12:22


Weiss Ratings: Вот почему биткоин вырастет до $180000

Специалисты аналитической американской компании Weiss Ratings провели анализ биткоина и пришли к выводу, что главная криптовалюта подорожает до $180 000. В обзоре говорится, что финансовый мир начинает осознавать истинный потенциал BTC как актива-убежища, что подтверждается растущим спросом на продукты Grayscale Bitcoin Trust со стороны институционалов.

2020-6-22 11:37


Фото:

Bitcoin At $180k Could Happen This Decade Depending On This One Single Factor

According to the Weiss Cryptocurrency rating platform, the price of Bitcoin could trade near $180,000, which is currently 20 times what it is presently worth. The brief further states that this could happen within the next 10 years, meaning that Bitcoin could possibly rise to the aforementioned price between now and 2030.  But what guarantees […]

2020-6-21 09:24


Bitcoin Crossing $9,500 Could Lead to a “Major Spike”: Analyst Explains Why

Since falling as low as $8,180 on Monday, the day of the halving, Bitcoin has mounted a strong comeback that culminated in a move to $8,900 on Wednesday morning. Although this near 10% bounce from the lows has been impressive, traders believe that BTC could undergo a “major spike” should the ever-important $9,500 level be taken as support by bulls.

2020-5-13 15:00


Сервис XMoney для автоматического обмена криптовалют

Платформа XMoney существует на рынке уже более четырех лет и занимается осуществлением посреднических операций в сфере электронной торговли. На данный момент площадка работает в 180 различных направлениях, в число которых входят наиболее популярные платежные системы (Perfect Money, Advanced Cash, Payeer) и криптовалюты (Bitcoin, Ethereum, Litecoin).

2020-1-22 15:31


Фото:

Bitcoin, Ethereum, альткоины — Обзор криптовалют — 18/12/2019

С понедельника рынок криптовалют снизился. Продажи на возросшем объеме отмечаются практически во всех ликвидных инструментах рынка. Показатель капитализации упал на 6,7%, и к текущему моменту его значение составляет $180 млрд.

2019-12-19 12:00