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Bitcoin Forms Support Wall at $61K Where 1M Addresses Bought 671K BTC

source-logo  thecryptobasic.com 01 March 2024 17:17, UTC

The price of Bitcoin (BTC) is likely to witness mild correction after its recent parabolic run, but the current address holdings form a formidable support that might stabilize any negative volatility.

After a period of uptrend, a correction is often the next feasible direction. For February, the price of Bitcoin jumped by more than 47%, hitting a high of $63,913.13 and sending more than 95% of its addresses into profit.

Per data from IntoTheBlock, Bitcoin currently has strong support with minimal resistance placing it at a bullish position at the moment.

Formidable Bitcoin Acquisition Zone

According to data pointed out by market Analyst Ali Martinez, Bitcoin’s price is currently holding steady above a “massive support wall.” Approximately 1 million addresses acquired a total of 671.06K Bitcoin between the prices of $60,334.94 to $62,155.10.

With the price of Bitcoin now pegged at $63,913.13 despite the 2.53% correction in the past 24 hours, the selling pressure is removed in the short term.

Amid the current slip in price, Martinez noted that this price range serves as a region of strong investor confidence and might cushion against further drops.

#Bitcoin holds above a massive support wall, with 1 million addresses buying over 671,000 $BTC within the price range of $60,334 to $62,155.

This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for #BTC, potentially… pic.twitter.com/lmghohWR1U

— Ali (@ali_charts) March 1, 2024

However, should Bitcoin’s price drop below this range, there is a guarantee that the $58,447.37 to $60,334.94 price range will act as a formidable support.

Overall, about 50.99 million addresses, or 98.06% are in profit at the moment. To balance this impressive profitability, 193.45K addresses, or 0.37% of the total holders, are seeing losses, while only 815.73k addresses, or 1.37%, are at a breakeven point.

Bitcoin’s Ripple Effect

The uptick in the price of Bitcoin and the accompanying profitability has also triggered a related jump for other altcoins. Besides Ethereum (ETH), which has increased its address profitability to 89.98%, Shiba Inu is one of the biggest beneficiaries, with over 55% of all addresses now in profit.

The hype surrounding the spot Bitcoin ETFs product is likely to drive a further surge in the price of BTC as adoption widens, and the ripple effect might be encompassing as has been showcased thus far.