Financial analysts have pinpointed the $62,000 to $65,000 range as a sturdy support level for Bitcoin, backed by over 3 million addresses and substantial trading activity within this price bracket.
Recent evaluations of Bitcoin’s price trends have highlighted crucial support areas that could heavily influence the cryptocurrency’s short-term trajectory. Specifically, the range between $62,000 and $65,000 has emerged as a pivotal support level, with the involvement of over 3 million Bitcoin addresses reinforcing its significance.
This particular range, as identified by market expert Hawk Of Crypto, showcases significant buying interest, indicated by both the number of addresses involved and the substantial volume of Bitcoin tokens being accumulated.
Key Support Levels and Address Activity
The support zones denoted as S1 and S2 on the analyst’s chart encompass a price range from $61,770.79 to $65,758.34. Within this range, more than 3 million addresses have been accumulating Bitcoin. The high concentration of buying activity implies that many holders are inclined to hold onto their assets without selling at a loss, establishing a psychological support level.
Moreover, from a volume perspective, the range between $63,728.31 to $65,685.84 (S1) has witnessed the acquisition of approximately 730K BTC. This volume signifies strong support, as numerous investors are keen on maintaining the price above this threshold. Hawk Of Crypto suggests that breaching the $62K-$65K support range would necessitate substantial selling pressure, potentially leading to a rebound around $64.5K.
Inflows to Accumulation Addresses
In a supplementary analysis, Ali Martinez highlighted the inflows to accumulation addresses, typically held by long-term Bitcoin holders. His data spanning from May 18, 2024, to June 17, 2024, reveals substantial inflows coinciding with price stability and growth.
Significant inflow spikes were observed from May 12 to 24 and June 4 to 5. Most recently, another surge in inflows occurred on June 17, with market participants transferring 12.7K BTC into accumulation addresses at a price point of $66.7K.
This influx indicates strong interest in accumulating Bitcoin at the $66.7K level, possibly signaling a perceived buying opportunity for long-term investors.
Although Bitcoin’s current price stands at $65,024.05, reflecting a minor decline of 1.02% in the past 24 hours and a 2.72% drop over the previous week, its market cap remains robust above the $1 trillion mark, currently at $1.28 trillion.
Disclaimer: This content provides information and should not be construed as financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.
