Bitcoin’s price has dipped below $70,000, with a decline of 1.97% on June 7th. Despite this drop, Bitcoin is still trading in the $69,000 price range, with a slight increase to around $69,400. The Relative Strength Index (RSI) indicates a bullish trend, and Bitcoin is currently trading above its short moving average, providing support at around $66,000. Strong support is seen between the $69,380 and $67,350 price zones, with approximately 1.97 million addresses acquiring around 964,000 BTC in this range, totaling around $67 billion spent on accumulating Bitcoin.
Furthermore, there has been an increase in BTC withdrawals from exchanges over the last few days, with over 21,000 BTC withdrawn between the 1st and 8th of June. The volume of BTC on exchanges has decreased from 2.332 million on June 1st to approximately 2.311 million at the time of writing, indicating that approximately $1.57 billion worth of BTC has been withdrawn from exchanges in the last week. This suggests that there is no significant influx of BTC that could crash the price across exchanges, allowing Bitcoin to maintain its support level and potentially lead to a positive price trend soon.
Overall, Bitcoin’s rally has stalled, but on-chain metrics suggest that Bitcoin may be able to maintain its current price range and potentially spark another positive run. Despite dipping below $70,000, Bitcoin’s price trend remains positive, with strong support between the $69,380 and $67,350 price zones. The accumulation volume in this range indicates significant interest from investors, with over 1 million addresses acquiring BTC at the current price. Additionally, the increase in BTC withdrawals from exchanges is a positive signal for Bitcoin, as it reduces the likelihood of a significant crash in price. Bitcoin’s future holds potential for a positive price trend, as long as it can hold steady at its current support level.
Discussion about this post