As Bitcoin’s price shows volatility, the cryptocurrency community closely observes pivotal thresholds that could steer its immediate trajectory. According to Glassnode Cofounders, known as “Negentropic” on X, Bitcoin bulls are closely monitoring the $64,000 and $65,000 levels, crucial points that could dictate future price movements.
Negentropic emphasized that amidst the current downturn, Bitcoin (BTC) displays potential to rebound towards $67,000. However, this level could present resistance, with overcoming it possibly propelling BTC towards a higher target of $69,500. Conversely, the $65,000 mark stands as a critical psychological support level pivotal for sustaining investor confidence.
Beyond its psychological significance, Negentropic underscored the $65,000 level’s broader importance and urged Bitcoin traders to remain vigilant. Despite potential dips to $62,000 or even $60,000, market sentiment retains cautious optimism.
With Bitcoin’s next significant move awaited by the market, stakeholders are advised to monitor these key levels to navigate current market dynamics effectively.
At the time of reporting, BTC recorded a 0.48% decline over the past 24 hours, trading at $64,795 following a session low of $64,555. Bitcoin’s dip to a one-month low is attributed to outflows from digital-asset investment products and expectations of extended higher U.S. borrowing costs, which have subdued the cryptocurrency market.
As Bitcoin slipped below the $65,000 mark, IntoTheblock’s on-chain data indicates robust demand levels extending down to $61,600. Notably, significant support lies near $64,500, where approximately 1.28 million addresses previously accumulated BTC.
Related Topics:
