Bitcoin's current price is hovering precariously around the $65,000 mark, which serves as immediate support. A breach of this level could potentially lead to a decline towards the 200-day EMA, currently positioned at $63,934, as demand-side liquidity gets absorbed along the way.
The key support zone for Bitcoin between $62,800 and $64,815, encompassing the 50-day EMA. This support level proved resilient back in March and preceded a notable 14% price surge to $72,777 by April 8th. According to IntoTheBlock’s IOMAP chart, this price range has witnessed significant accumulation, with over 475,800 BTC acquired by more than $1.42 million addresses.
Given the substantial support provided by this zone in contrast to the resistance faced during Bitcoin's recovery, it could serve as a temporary buffer against further downside pressure in the near term.
