Bitcoin
As Bitcoin falls below key support level, this group makes important moves
- Bitcoin remained in the US$64,000 price area.
- Close to 2 million addresses purchased BTC in this price range.
Bitcoin [BTC] It recently fell below a key support level that it has held for several weeks. Although it has surpassed this support line, there is another less visible support level.
If BTC falls below this invisible threshold, it could trigger a series of declines due to a potential sell-off.
This situation is already being worsened as miners sold a record number of BTCs in response to falling prices.
Bitcoin’s Old Support Remains as Resistance
AMBCrypto Review Bitcoin on a daily chart revealed that it recently broke its support level. The level was previously established around the $66,000 price area.
This support was marked by its short-term moving average (yellow line). It remained stable from about May 16th until June 17th. This breach indicated a significant change in Bitcoin market behavior.
Source: TradingView
At last update, Bitcoin was trading at approximately $64,380, showing a slight increase. It also closed with a small gain on June 22, ending the day around $64,252.
However, these numbers are still significantly below the former support level of $66,000, which has now turned into a resistance level. This indicated a challenge for Bitcoin to recover this price in the short term.
The importance of this price level, around $66,000 for Bitcoin, is highlighted by the significant number of addresses that have purchased Bitcoin in this track.
This high concentration of purchases creates a psychological and technical meaning for the price level.
How many addresses purchased Bitcoin in this range?
The data from Inside the block indicated that the current price range of Bitcoinbetween approximately US$63,493 and US$64,931, is particularly significant due to the high number of addresses involved in transactions at this level.
Specifically, around 1.9 million addresses purchased BTC within this range. Additionally, the average purchase price for these transactions was around $64,237. T
its concentration of purchasing activity at these levels highlights its importance in the market.
They represent key points where significant volume of Bitcoin has changed hands, influencing potential resistance or support dynamics in the market.
With many investors at or near this price, it can act as a strong resistance level when the price tries to rise back to this point.
These investors may seek to balance their investments, potentially selling their holdings, which increases selling pressure at this level.
On the other hand, if the price drops back to this range, the same investors may buy more to average out their costs. They may also delay sales to avoid losses, providing potential support.
Miners in panic?
Additional data from IntoTheBlock reveals that Bitcoin miners have significantly increased their sales activities since the beginning of the year.
Miners have sold approximately 30,000 BTC, valued at around $2 billion, since June. This sales volume is considered the highest in the Minas Gerais community in more than a year.
Source: IntoTheBlock
These substantial sales by miners may be a response to various market conditions, including price volatility or the need to cover operating costs.
To read Bitcoins [BTC] Price prediction 2024-25
However, it plays a critical role in influencing Bitcoin market dynamics, particularly affecting supply and price.
The importance of miners selling a large amount of Bitcoin becomes even more pronounced when considering the number of BTC held by various addresses within the current price range.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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