Market analysts identify the range between $62,000 and $65,000 as a strong support level for Bitcoin, with over 3 million addresses and significant volume strengthening this price zone.
Recent analysis by That of Bitcoin The price action has identified significant support zones that could play a crucial role in the cryptocurrency’s near-term movements. In particular, the price range between $62,000 and $65,000 has emerged as a critical support level, strengthened by the activity of over 3 million Bitcoin addresses.
This range, identified by market commentator Hawk Of Crypto, presents significant buying interest, both in terms of the number of addresses and the volume of Bitcoin tokens accumulated.
Looking at the $BTC price action and correlating it with the buy zones shows that the 62,000 to 65,000 zone represents great support (S1+S2). In this interval there are more than 3 million addresses that have purchased #Bitcoin. From a volume perspective, 63.7k to 65.6k is huge support… pic.twitter.com/qr0znWXs7X
— Hawk Of Crypto (@HawkOfCrypto) June 17, 2024
Key support areas and direction activities
The support zones labeled S1 and S2 on the analyst chart encompass the price range from $61,770.79 to $65,758.34. Within this range there are more than 3 million addresses Accumulated Bitcoin. The heavy concentration of buying activity suggests that many holders are unlikely to sell at a loss, thus creating a psychological bottom.
More specifically, from a volume point of view, the range between $63,728.31 and $65,685.84 (S1) saw the purchase of approximately 730,000 BTC. This volume highlights strong support, as many investors have an interest in keeping the price above this level. Hawk Of Crypto notes that breaking above the $62,000 to $65,000 support zone will require significant selling pressure, suggesting a potential bounce around $64.5,000.
Inflows to accumulation addresses
In a complementary analysis, Ali Martinez highlighted inflows to accumulation addresses, which are typically long-term Bitcoin holders. His data, which runs from May 18, 2024 to June 17, 2024, shows that huge inflows coincide with stability and price increases.
In the last 24 hours, 12,700 $BTC were sent to accumulation addresses, worth approximately $840 million! pic.twitter.com/p5OuQxyTeJ
— Ali (@ali_charts) June 18, 2024
Notable peaks in influx occurred from May 12th to 24th and from June 4th to 5th. Most recently, the market witnessed another surge in inflow on June 17, when market participants moved 12.7K BTC into accumulation addresses at a price of $66.7K.
This inflow suggests strong accumulation interest at the $66.7k level, potentially indicating a perceived buying opportunity among long-term investors.
However, Bitcoin’s current price, $65,024.05, reflects a slight decline of 1.02% over the past 24 hours and a decline of 2.72% over the past week. Despite the decline, Bitcoin’s market capitalization maintains a solid position above the $1 trillion mark, currently sitting at $1,280 billion.
