Bitrabo Editorial
Recently, the price of Bitcoin experienced a significant drop, dipping below $70,000. Currently, it hovers around $69,204, indicating a slight decrease. Yet, on-chain data suggests that Bitcoin might be testing a crucial support level and could potentially resume its upward trend.
Significant Purchase Activity at $67,000
An analysis from Ali Martinez on X platform indicates that Bitcoin has found strong support around its present price. The assessment is based on the volume of coins acquired at this level, as per IntoTheBlock’s data.
The chart displays the distribution of Bitcoin across different price ranges, illustrating the strength of support and resistance zones. Around $67,353 to $69,383, about 1.97 million addresses bought approximately 965,000 BTC. This buying activity has established a crucial support level according to Martinez.
Martinez emphasized the importance of this range for Bitcoin’s price momentum, stating that for the price to continue rising, the $67,353 – $69,383 support zone must remain intact.
$1.57 Billion Withdrawn from Exchanges
An on-chain development that could impact Bitcoin’s price positively is the significant withdrawal of BTC from centralized exchanges. Ali Martinez revealed that over 22,647 BTC (worth $1.57 billion) left exchanges in the past week.
This substantial outflow signifies a change in investor sentiment and potential accumulation as investors prefer securing their assets outside centralized exchanges.