2024

Bitcoin

Strong

Bitcoin is cooling off after an impressive 25% spike from May 2024 lows. Even with this cool-off, some analysts are upbeat, predicting the coin will extend gains in future sessions. 
<h2 id="bitcoin-finds-strong-support-between-70-180-and-70-600">Bitcoin Finds Strong Support Between $70,180 and $70,600</h2> 
In a post on X, one analyst&nbsp;<a class="editor-rtfLink" href="https://x.com/ali_charts/status/1793200869955010597" target="_blank" rel="noopener nofollow">believes</a> Bitcoin has strong support at around $70,180 and $70,600. The analyst explained that on-chain data shows that over 450,000 addresses collectively bought over 273,000 BTC at this price range.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-609304" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355" alt="Zone above $70,000 emerging as support | Source: @ali_charts on X" width="1024" height="355" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=2558 2558w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOK6K_iXcAIy8Yx.jpg?resize=1024%2C355?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
For this reason, the concentration of BTC holdings in this zone means the coin has strong support. If the level is to be broken, then sellers would need to make an even larger effort to break through this line, with a higher amount of BTC hitting the sell side of the equation.&nbsp; 
On-chain analytics firm Glassnode <a class="editor-rtfLink" href="https://x.com/glassnode/status/1792892631938203718" target="_blank" rel="noopener nofollow">notes</a>&nbsp;that the Bitcoin market is cooling after intense selling pressure. After the strong uptick that saw the coin roar to as high as $73,800 in March 2024, prices plunged to as low as $56,500 this month. Prices have since recovered, but bulls have yet to break above all-time highs. 
While capital inflows remain moderate, Glassnode adds, volatility has decreased noticeably. Still, whether this volatility will shoot higher once $72,000 is broken remains to be seen. 
<h2 id="btc-retraces-will-bulls-break-72-000">BTC Retraces: Will Bulls Break $72,000?</h2> 
&nbsp; 
All eyes are on whether BTC bulls will shake off the current correction. In a post on X, another analyst <a class="editor-rtfLink" href="https://x.com/CryptoJelleNL/status/1793218820502327527" target="_blank" rel="noopener nofollow">said</a>&nbsp;holders shouldn’t be worried because of this pullback and the failure of bulls to confirm the May 20 leg up. 
<img loading="lazy" decoding="async" class="size-full wp-image-609308" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587" alt="Pullbacks are inevitable in bull markets | SourcE: @CryptoJelleNL via X" width="1024" height="587" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOLLA11W8AAlgMA.jpg?resize=1024%2C587?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Instead, the analyst is confident, saying pullbacks are a natural part of any bull market. The recent 23% correction, the analyst added, is an example. 
What’s important is that every retracement has been from a higher position. Therefore, the next local bottom will likely be higher than the previous one, potentially reaching around $80,000.&nbsp; 
Thus far, BTC has a strong resistance of $72,000. The bulls didn’t push through this line, even with more serious attempts in early April. 
As a result, this reaction level remains important from a technical perspective. Any breakout for now would increase the probability of BTC prices floating to retest $73,800 or break higher. <a href="https://www.tradingview.com/x/FdkwBxj3/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/FdkwBxj3/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
In the days ahead, inflows to spot Bitcoin exchange-traded funds (<a href="https://www.newsbtc.com/news/ethereum-co-founder-supply-crunch-etfs-price-target/" target="_blank" rel="noopener ">ETFs</a>) coupled with improving sentiment might spark more demand. In that likelihood, BTC bulls will find the momentum to confirm the May 20 bar and break above the local resistance.

Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level

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