Bitcoin's Value Seesaws as Investors Await Direction: Will the $65,000 Support Hold?
Summary:
Bitcoin's value has been hovering within a $10,000 bracket for over two weeks, showing trader indecision about the cryptocurrency's future direction. Meanwhile, data shows an increase in Bitcoin transfers from exchange wallets to private wallets, suggesting accumulation by substantial investors. With its value steady, the focus is on whether Bitcoin can maintain support at the $65,000 mark.
Bitcoin's value has been in a state of flux within a $10,000 bracket for more than 14 days, never quite reaching new record highs. Market data indicates that Bitcoin's value has been varying between $62,800 and $71,860, showing trader uncertainty about whether the cryptocurrency's price will rise or fall next.
Daan Crypto Trades, an analyst and independent trader, says Bitcoin's price has been loitering near its 2021 record high for almost a month. Previous behaviour suggests that Bitcoin could stay within this bracket for one or two more months before setting off in any particular direction.
After its value fell from an all-time high of $73,835, Bitcoin has entered a phase of consolidation. Crypto trader Jelle anticipates a potential increase to $80,000 if the currency successfully breaks out of its current confines.
In line with Bitcoin's sideways motion, there has been an increase in the transfer of Bitcoin from publicly known exchange wallets to privately held wallets. This figure has risen from 12,152 to 26,627 wallets between the end of March and early April. There has also been a surge in activity by Bitcoin 'whales' - entities with more than 1,000 Bitcoins - suggesting that substantial investors are accumulating Bitcoin.
As Bitcoin's value remains stable, focus has turned to whether the cyber currency can maintain support at the $65,000 level. Analyst Rekt Capital states that Bitcoin would need to hold the weekly range low of $65,600 to secure the bracket. Data reveals that Bitcoin has received significant support at the $65,000 mark, with nearly one million addresses previously purchasing roughly 645,830 Bitcoins at this value.
With a few weeks until the halving, Bitcoin's value may stabilize around the $65,000 level over the short term.
This news report does not offer financial advice or recommendations. Trading and investing entail risks, and readers should independently evaluate their options.
Published At
4/4/2024 9:17:22 PM
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