Bitcoin has seen a significant uptick in demand, with buyers acquiring nearly 850,000 BTC between $60,000 and $70,000, indicating strong dip buying interest. The supply in this price range has surged to 1.85 million BTC, accounting for about 9.23% of Bitcoin’s circulating supply. This suggests that valuations below $70,000 could act as a price floor, as many holders may be reluctant to sell at lower levels.
The trading dynamics reveal a stark contrast in supply between the $70,000 to $80,000 range, which holds only 400,000 BTC, indicating potential for rapid price movement or consolidation as Bitcoin recently bounced back above $70,000. This resilience comes amid broader market fluctuations, particularly as geopolitical tensions eased and oil prices fell.
For market professionals, the key takeaway is the strong accumulation of Bitcoin below $70,000, which may provide a supportive base for future price movements, particularly as institutional interest grows with developments like Morgan Stanley’s Bitcoin ETF debut.
Source: coindesk.com