As market waits for Bitcoin's next major move, bulls may want to keep watch on these important levels
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Negentropic highlights the importance of the $65,000 level, not merely as a psychological support, and urges Bitcoin traders to keep an eye on it. However, despite the possibility of dips to $62,000 or even $60,000, the market's sentiment remains cautiously optimistic.As the market waits for Bitcoin's next major move, investors and traders may want to keep an eye on these important levels to efficiently navigate present market dynamics.
At the time of writing, BTC was down 0.48% in the last 24 hours to $64,795 after dipping to lows of $64,555 in today's trading session. Bitcoin fell to a one-month low as outflows from digital-asset investment products and the possibility of higher-for-longer U.S. borrowing costs dampened the cryptocurrency market.
As Bitcoin has dipped below the $65,000 mark, IntoTheblock reveals that on-chain data suggests strong demand levels down to $61,600. The closest significant support level, however, lies around $64,500, where 1.28 million addresses previously acquired BTC.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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