Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, has seen tremendous bullish momentum, reaching a new 2024 high of $64,100 on Wednesday.
Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, has seen tremendous bullish momentum, reaching a new 2024 high of $64,100 on Wednesday.
Bitcoin finished around 45% higher in February, marking its sixth consecutive monthly rise and its best performance since December 2020.
One aspect that may have contributed to this rally is the massive demand for Bitcoin from a large number of investors who purchased BTC at a key price range.
According to the cryptanalyst Aliwho cited data from IntoTheBlock, Bitcoin remains above a huge support wall, with 1 million addresses purchasing over 671,000 BTC within the price range of $60,334 to $62,155.
This accumulation zone, according to Ali, highlights strong investor confidence and could serve as a crucial support level for BTC, potentially protecting against further declines.
Going forward, Bitcoin will face its next hurdle in the range between $63,282 and $67,413. This is where 193,230 Bitcoin addresses purchased 48,440 BTC at an average price of $65,164, according to IntoTheBlock.
At the time of writing, BTC was up marginally 0.05% in the last 24 hours to $62,010. As Bitcoin takes a breather after its big run, it is on track for a 21% weekly gain, albeit down 9.95% from its current ATH.
While Bitcoin is still below its November 2021 all-time high (ATH) of approximately $69,000 in US dollars, it has already surpassed all-time highs in local currencies in numerous countries around the world.
Bitcoin has reached new highs in economic powerhouses such as China, Japan, the United Kingdom and India, as well as growing economies such as Argentina, Turkey and Egypt.
