Bitcoin to Maintain $67,000? Watch This Level
Bitcoin fell below $70,000 again last week. In the previous day, BTC fell 0.1% to $69,204.
On-chain data shows that the leading cryptocurrency is retesting a key support level and may shortly continue its upward trend.
Nearly 2 Million Bitcoin Addresses Bought At This Price
Popular crypto commentator Ali Martinez highlighted on X that Bitcoin has found substantial support around its current price levels. Based on IntoTheBlock statistics, this assessment considers the quantity of coins bought at the current price.
This graphic shows Bitcoin supply distribution by price range. The chart's dots show the strength of resistance and support zones and the volume of coins bought around each price range.
The market intelligence organization said that 1.97 million addresses acquired 965,000 BTC between $67,353 and $69,383. Martinez says the high purchasing activity in this pricing zone has created a major support area.
The crypto expert wrote on X about BTC's price range's strength and relevance. Martinez said Bitcoin must maintain the $67,353–$69,383 support zone to “sustain its upward momentum.”
Nearly 2 million investors with their cost basis around this support region might double down and purchase additional BTC, which could strengthen the support. BTC might drop below $65,000 if this crucial support area collapses.
$1.57 Billion BTC Withdrawn From Centralized Exchanges
An on-chain improvement might help maintain Bitcoin above the support threshold. In another X article, Ali Martinez noted rising investor confidence.
The crypto researcher said large quantities of BTC left centralized exchanges last week. Glassnode reports 22,647 BTC (almost $1.57 billion) exchanged from crypto exchanges in the last week.
The large crypto capital drain from trading platforms shows a change in investor opinion and strategy. It may also indicate new accumulation, with investors unwilling to trust centralized exchanges with their freshly acquired assets.
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