The $69000 Bitcoin price may become a reality: Details.
Bitcoin (BTC) is in a tough situation. Right now, it is trading around $81,800, sandwiched between two important liquidity zones that could influence its next move. On-chain data from IntoTheBlock indicates important support at $79,270 and $69,450. If those levels are not maintained, things may get ugly quickly.
Resistance is not far away. Between $84,296 and $86,753, about 287,200 BTC are held by 556,030 addresses. That is a large amount of Bitcoin resting in a range where holders may want to sell, resulting in what is known as a “sell wall.” Passing this level will be difficult.
On the other hand, the first safety net is between $79,274 and $81,731. Approximately 301,410 BTC is stored there, divided among 368,550 addresses. If it does not hold, the next critical threshold is substantially lower: $69,445 to $71,902, with 313,160 BTC stored in 752,840 addresses.
The current price is dangerously close to $69,000, which was the peak of Bitcoin in 2021 and was surpassed in March 2024.
Dropping back to that level would not be a mere drop. It would be a psychological setback, a reminder of Bitcoin’s previous hardships before it reaches new heights.
For months, the market has been attempting to establish a solid foundation above old all-time highs, and a drop towards $69,000 would raise concerns about whether Bitcoin’s most recent rally is running out of steam.
At this point, everything boils down to liquidity. If demand diminishes, the Bitcoin price may fall to lower support zones.
If buyers step in, Bitcoin might have another chance to break past barrier and move higher. In any case, the coming days and weeks will likely determine where Bitcoin goes next.
This article originally appeared on U.Today.
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