Will bitcoin reach $67K? The highest bitcoin clearing level is $67K.
There is a generational shift among major #bitcoin investors.
The #cryptocurrency market has always been interested in the major bitcoin [BTC] levels, especially during periods of high volatility.
There are now expectations that bitcoin could see larger moves due to large liquidation levels, which could prompt traders to take decisive action.
Over the past week, the major #BTC exchanges have seen a noticeable concentration of long positions forming large clearing pools.
the most significant level for bitcoin is the $60K mark, but if we extend the analysis to two weeks, the $67K zone was the highest clearing level.
This indicates that bitcoin could be heading towards this zone as prices tend to gravitate towards more liquid areas over time. Bitcoin has also shown resilience when testing technical indicators. The cryptocurrency remained above the support #band of the bull market for another week.
It failed to end the week above this level for the third time in a row since May, but there is hope that the bulls will be able to push prices higher. This is especially important given the market's recent consolidation.
The relative strength of bitcoin compared to equities also means that the $67k target seems increasingly attainable.
Another factor to consider is the changing landscape of bitcoin miners. The new "whales" have invested $108 billion in bitcoin, while the "old whales" have owned $113 billion since bitcoin's inception. The ratio between the two groups is shrinking, with the new whales gradually gaining more influence.
As for the blockchain index, the number of active bitcoin addresses has recently rebounded from an 11-month downtrend.
Although its predictive power has declined over the past four years, it remains an important indicator of network activity.
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