The world’s biggest cryptocurrency, Bitcoin (BTC), has surged by over 20% in the last 7 days. Following this upward momentum, it is observed that a significant number of investors and traders have made Bitcoin purchases. According to the on-chain analytic firm IntoTheBlock, over 1 million Bitcoin addresses have accumulated over 671,000 Bitcoin within the price range of $60,334 to $62,155.
What is Bitcoin’s major support area?
The massive Bitcoin purchases between the $60,334 to $62,155 level have formed a strong support level and highlighted investors’ confidence in Bitcoin. Additionally, this confidence in Bitcoin was also observed on the CEX (Centralized Cryptocurrency Exchange). The trading volume of Bitcoin experienced a record surge of over $34.05 billion for the first time since the FTX (Cryptocurrency exchange) collapsed, as reported by Todayq News.
Following this price surge in Bitcoin, over 2.74 million wallet addresses have purchased Bitcoin between $52,754 and $67,413. Out of the 2.74 million wallet addresses, currently, 1.58 million wallet addresses, equivalent to 94.66%, are profitable, and 86.02K addresses are currently experiencing losses, whereas only 3.34K addresses are at breakeven. This data shows that currently, more than 90% of Bitcoin holders are profitable.
Bitcoin technical analysis and key levels
After a continuous bullish move, Bitcoin is currently consolidating between the $60,500 and $63,000 levels. However, according to experts’ technical analysis, Bitcoin is bullish and also trading above its 200 EMA (Exponential Moving Average). If Bitcoin, on a daily time frame, closes above the $63,000 level, it is expected to hit its all-time high. Whereas, if Bitcoin, on a daily time frame, closes below the $60,500 level, then in the coming days, we may see a price correction.
Additionally, prominent traders and institutions are speculating that Bitcoin will cross the $100K level either this year or in 2025. Currently, Bitcoin is trading near the $62,000 level, and in the last 24 hours, it experienced a near 2% downside momentum. If we look at the performance of Bitcoin in the last 7 days, it has experienced over 20% upside momentum. Whereas, in the last 30 days, the Bitcoin price has surged by over 45%.
Besides Bitcoin, other cryptocurrencies like Ethereum, Solana, Binance Coin, and many others have also experienced massive upside momentum. Traders and investors are continuously speculating that now is the time for top altcoins to show some impressive performance.
