LIVE$BTC price to Hold 65000$ Support:.
Bitcoin price looks set to consolidate above the support $65,000 level despite the current negative market sentiment,As we posted Before about #bitcoin analysis.
Now we discuss the situation of this price fluctuation.
•Bitcoin price fell as low as $66,865 on Wednesday, June 13, as the US Federal Reserve dashed investors’ hopes of an H1 2024 rate cut; on-chain data trends explain how BTC managed to stay above the critical $65,000 support level.
•Bitcoin Price Tumbled 7% After US Fed Rate Pause Decision:
The crypto market slipped further into is on-going consolidation phase, as bulls failed build on the positive start to June 2024.
Despite the slowing CPI inflation signalling an imminent economic soft-landing, the US Federal Reserve has opted to keep interest rates at elevated levels after the latest #FOMC_Meeting_Results on June 12.
As expected, risk assets markets including the crypto sector reacted negatively to the Fed rate pause decision.
•Long-term Investors Unwilling to Sell Bitcoin:
After nearly a weeks of rising market volatility, Bitcoin sellers are now showing early signals of fatigue. If it persists, this move could spark a mild BTC price rebound phase in the coming weeks.
As seen below in second chart, there’s large cluster of 1 million addresses, that acquired 573,740 BTC at the average price of $65,591.
To avoid slipping to a net-loss position, majority of those holders could opt to make covering purchases
LIVELast Friday, #bitcoin price fell from $72,000 to $69,000, causing a 10% average drop across many #Cryptocurrencies
The changes in #BTC balance across different cohorts show notable increases.
Specifically, addresses holding 100 to 1,000 BTC saw an increase of 30,601 BTC, those with 1,000 to 10,000 BTC increased by 34,834 BTC, and the largest holders, those with over 10,000 BTC, increased their balances by 24,176 BTC.
Critical Support Level:
The average price for Bitcoin bought between one day and three months ago is $67,500.
👉If the price falls below the $67,500 level, it may find support in the $64,000 – $65,000 range.
👉 On the other hand, if the market price remains above this realized price, 17% of the Bitcoin supply will be in profit.
A price surge toward the $72,000 level could be decisive this time, potentially leading to an all-time high breakout in the mid-term.
#Binance200M #Metaverse
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