Bitcoin

when

Resistance

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s support level of $66,000 has now become a resistance level, with approximately 2 million addresses purchasing BTC at this range.</li> 
 <li>Miners have sold a record amount of Bitcoin since the beginning of the year, potentially influencing market dynamics.</li> 
</ul>  
<p>Bitcoin [BTC] has recently dropped below its key support level, which had been holding for several weeks.</p> 
<p>Despite breaking past this support line, there’s another, less visible support level that could trigger a series of declines if breached.</p> 
<h2 id="bitcoin-s-former-support-now-a-resistance">Bitcoin’s Former Support Now a Resistance</h2> 
<p>Analysis of Bitcoin on a daily time frame chart revealed that it has recently broken through its support level, previously established around the $66,000 price range.</p> 
<p>This breach indicated a significant shift in Bitcoin’s market behavior. As of the latest update, Bitcoin was trading at approximately $64,380, showing a slight increase.</p> 
<p>However, these figures are still significantly below the former support level of $66,000, which has now turned into a resistance level.</p> 
<p>The importance of this price level for Bitcoin is underscored by the significant number of addresses that purchased BTC at this range.</p> 
<h2 id="significant-number-of-addresses-bought-bitcoin-in-this-range">Significant Number of Addresses Bought Bitcoin in This Range</h2> 
<p>Data from IntoTheBlock indicated that the current price range of Bitcoin, between approximately $63,493 and $64,931, is particularly significant due to the high number of addresses involved in transactions at this level. Specifically, about 1.9 million addresses purchased BTC within this range.</p> 
<p>These investors might look to break even on their investments, potentially selling their holdings, which adds selling pressure at this level.</p> 
<h2 id="miners-increasing-selling-activities">Miners Increasing Selling Activities</h2> 
<p>Further data from IntoTheBlock reveals that Bitcoin miners have significantly increased their selling activities since the beginning of the year. Miners have sold approximately 30,000 BTC, valued at around $2 billion, since June.</p> 
<p>This substantial selling by miners could be a response to various market conditions, including price volatility or the need to cover operational costs.</p> 
<p>The significance 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.</p>

Bitcoin Slips Below Crucial Support Level as Certain Group Makes Significant Actions

Table of Contents

CoinEagle.com

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