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Bitcoin Forms Support Wall at $61K Where 1M Addresses Bought 671K BTC
The price of Bitcoin (BTC) is likely to witness mild correction after its recent parabolic run, but the current address holdings form a formidable support that might stabilize any negative volatility.
After a period of uptrend, a correction is often the next feasible direction. For February, the price of Bitcoin jumped by more than 47%, hitting a high of $63,913.13 and sending more than 95% of its addresses into profit.
Per data from IntoTheBlock, Bitcoin currently has strong support with minimal resistance placing it at a bullish position at the moment
Formidable Bitcoin Acquisition Zone
According to data pointed out by market Analyst Ali Martinez, Bitcoin’s price is currently holding steady above a “massive support wall.” Approximately 1 million addresses acquired a total of 671.06K Bitcoin between the prices of $60,334.94 to $62,155.10.
With the price of Bitcoin now pegged at $63,913.13 despite the 2.53% correction in the past 24 hours, the selling pressure is removed in the short term.
Amid the current slip in price, Martinez noted that this price range serves as a region of strong investor confidence and might cushion against further drops.
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