Will This $2.5 Billion Move Save Bitcoin (BTC) Price From Falling to $60,000?

Analysis1mos agoUpdate 6086cf...
37 0

In Brief

  • Bitcoin (BTC) price is currently trading at $67,768 attempting to prevent considerable corrections.
  • Investors have consistently accumulated despite the fall from $72,000, having bought $2.5 billion worth of BTC in a week.
  • Realized profits are still high, and with the declining price, BTC holders might opt to sell their assets for profits.

Bitcoin’s (BTC) price marked an all-time high last week and has since triggered a correction that has led to the cryptocurrency declining by 7.74%.

However, amidst the chaos of bearish sentiment, one move from BTC investors could prevent a catastrophic correction.

Bitcoin Price Saved by Its People

The Bitcoin price is already trading at $67,768 at the time of writing, falling from $68,393 since the beginning of the trading session. This adds to the ongoing corrections that resulted in the cryptocurrency losing the 50-day Exponential Moving Average (EMA).

BTC, however, is still above the critical support level marked at $63,724, which would result in significant losses for investors. The reason behind this is the conviction of BTC holders who have been consistently adding to their wallets despite the market conditions.

Will This https://www.bee.com/wp-content/uploads/2024/03/frc-08fe0e2d5fcb47d497ed45d8a2b69fb0.png.5 Billion Move Save Bitcoin (BTC) Price From Falling to ,000?
BTC/USDT 1-day chart. Source: TradingView

In the last week alone, nearly 36,640 BTC worth more than $2.5 billion has left the exchange wallets. Interestingly, whales have not been accumulating at this time, which means that retail investors are the ones accumulating at the moment.

Will This https://www.bee.com/wp-content/uploads/2024/03/frc-1fcc4820c226a80a5af516eafe804fbb.png.5 Billion Move Save Bitcoin (BTC) Price From Falling to ,000?
Bitcoin Supply on Exchanges. Source: Santiment

In fact, their conviction is also as strong in the derivative market. The lack of long liquidation has kept their optimism alive, suggesting traders are still betting on increasing prices.

These efforts will be key in helping Bitcoin price stay its course of sideways movement on the daily chart and prevent a catastrophic crash.

BTC Price Prediction: Watch out for This Level

Bitcoin price is more than likely to sustain above $60,000 and maintain $63,724 as a support floor.

However, the fact that profits are still running high cannot be ignored. Realized profits, which refer to the gains recorded on the chain post movement of the coins through addresses, exhibit a high potential for booking profits.

Will This https://www.bee.com/wp-content/uploads/2024/03/frc-154a9c3bd460ca60a567af7f0a7e594e.png.5 Billion Move Save Bitcoin (BTC) Price From Falling to ,000?
Bitcoin Realized Profits. Source: Santiment

This adds to the declining prices and signals that BTC investors might opt to sell their holdings to book profits.

Consequently, Bitcoin price will take a hit from this and could fall through $63,724. Losing this support would invalidate the bullish thesis and leave BTC vulnerable to falling to $60,000.

This article is sourced from the internet: Will This $2.5 Billion Move Save Bitcoin (BTC) Price From Falling to $60,000?

Related: Cardano (ADA) Price Halts: Crucial Support Test Before More Upside?

In Brief A battle between holders in profit and those in loss could make ADA price stagnant. The number of transactions above $100k has dropped hugely since the beginning of March. A strong support can take care of ADA prices before a new uptrend starts. The Cardano (ADA) market is currently witnessing a tug-of-war between holders in profit and those experiencing losses, which could lead to a period of stagnation for ADA prices. Since the onset of March, there’s been a significant reduction in the number of transactions exceeding $100,000, indicating a slowdown in high-value activity within the ADA ecosystem. However, the presence of strong support levels could provide a safety net for ADA valuation, laying the groundwork for the cryptocurrency to initiate a new phase of upward momentum. Whale…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...