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Home > News
Published: 09/03/2024
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Author: Leexim
Bitcoin Surges to $70,000 with Positive On-Chain Momentum
Bitcoin surged to a new milestone, surpassing the previous all-time high and breaching the $70,000 mark, a level higher than the peak observed in November 2021.
Azcnews Breaking (1)
However, a robust wave of profit-taking ensued, causing a retracement in Bitcoin’s price from its pinnacle. The rationale behind the sell-off during the bullish market remains unclear, but it predominantly emanated from long-standing miners deciding to capitalize on the upward momentum. Notably, data from IntoTheBlock indicates a robust support zone in the range of $65,053 to $67,008, providing a foundation for the cryptocurrency’s value.
Intriguingly, approximately 802,000 addresses strategically acquired 687,000 BTC at an average price of $65,960, reinforcing the optimistic narrative surrounding Bitcoin. The IOMAP data reveals a scarcity of substantial resistance levels, potentially paving the way for a renewed surge beyond the $70,000 threshold in the coming weekend.