Based on the analysis of cryptocurrency expert Ali, it’s possible that Bitcoin, the largest digital currency in terms of market value, could soon set $66,000 as a crucial support point due to a substantial build-up of Bitcoin holdings by numerous wallets.
Approximately 1.54 million cryptocurrency wallets are recorded on the Bitcoin blockchain as having bought around 747,000 coins at this price point. This observation implies robust faith among investors and underscores optimistic outlooks in the Bitcoin market.
The price of Bitcoin is looking to stabilize around $66,000, with approximately 1.54 million wallets holding around 747,000 Bitcoins. Should this hold, the next significant hurdle for Bitcoin’s price lies between $69,900 and $71,200.
— Ali (@ali_charts) April 22, 2024
In his tweet, Ali expressed that Bitcoin is targeting $66,000 as a crucial support level, having been purchased by approximately 1.54 million wallets holding around 747,000 Bitcoins.
Based on Ali’s analysis, if the latest Bitcoin rally is successful, the next significant barrier for its price could be around $69,900 to $71,200.
To start the week, Bitcoin underwent a modest growth. Notably, on Friday, the Bitcoin network concluded its fourth reduction in miner rewards, thereby decreasing the incentives for Bitcoin mining.
When I penned down these words, Bitcoin had gained 1.97% within the last 24 hours, reaching a price of $66,210. The Bitcoin halving, which cuts miner rewards in half, typically happens approximately every four years as per the Bitcoin programming.
Some investors believed that Bitcoin’s price would remain stable around the time of the halving because historical data shows that its effects often take several months to appear. Nevertheless, JPMorgan asserts that Bitcoin may experience a short-term decrease in value.
Despite its current struggle to find support at $66,000, Bitcoin is currently located at a significant demand area. The next potential support lies at $64,800, an area where approximately 1.66 million Bitcoin holders have previously purchased their BTC.
Based on IntoTheBlock’s analysis, the price of $64,800 may serve as a robust support for the market if it continues to decline.
Based on the most recent information from CoinShares, there were withdrawals amounting to $206 million from digital asset investment products for the second week in a row. This finding indicates that the appetite of Exchange-Traded Product (ETP)/Exchange-Traded Fund (ETF) investors is decreasing, possibly because they anticipate the Fed will keep interest rates elevated for a longer period than initially anticipated.
Approximately $192 million worth of Bitcoins were withdrawn from circulation, yet few investors seized this chance to sell short, resulting in minimal short-Bitcoin inflows, amounting to only $0.3 million.
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2024-04-22 18:28