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Strong Bitcoin Bulls: Over 450,000 Addresses Bought 273,000 BTC
Bitcoin has cooled following a 25% rise from May 2024 lows. Despite this cool-off, some experts expect the currency to grow in future sessions.
Bitcoin Supported Between $70,180 and $70,600
One expert wrote on X that Bitcoin has solid support between $70,180 and $70,600. On-chain data suggests that over 450,000 addresses acquired 273,000 BTC at this price, the researcher said.
The high concentration of BTC holdings in this zone indicates strong support. If the level is breached, sellers must push harder and sell more BTC.
Glassnode, an on-chain monitoring startup, says Bitcoin is cooling following strong selling. After rising to $73,800 in March 2024, the currency fell to $56,500 this month. Although prices have rebounded, bulls have yet to breach above all-time highs.
Glassnode notes that volatility has lessened despite weak capital inflows. Whether volatility rises once $72,000 is breached is unknown.
Whether BTC bulls can overcome the drop is all-important. Another analyst wrote on X that this retreat and bulls' inability to complete the May 20 leg higher shouldn't worry investors.
An expert is optimistic, claiming pullbacks are normal in bull markets. Analyst cites recent 23% correction.
It matters that every retracement was from a higher level. Next local bottom may be about $80,000, higher than the last one.
BTC faces heavy $72,000 barrier. Even with stronger efforts in early April, the bulls failed to cross this mark.
Technically, this response level matters. Any breakthrough now would enhance BTC prices' chances of retesting $73,800 or higher.
Inflows to Bitcoin ETFs and increasing mood may boost demand in the coming days. BTC bulls will likely confirm the May 20 bar and breach local resistance.
