{"id":609302,"date":"2024-05-22T18:00:20","date_gmt":"2024-05-22T18:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=609302"},"modified":"2024-06-11T08:55:20","modified_gmt":"2024-06-11T08:55:20","slug":"bitcoin-bulls-over-450000-addresses-bought-273000-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-over-450000-addresses-bought-273000-btc\/","title":{"rendered":"Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level"},"content":{"rendered":"

Bitcoin is cooling off after an impressive 25% spike from May 2024 lows. Even with this cool-off, some analysts are upbeat, predicting the coin will extend gains in future sessions.<\/span><\/p>\n

Bitcoin Finds Strong Support Between $70,180 and $70,600<\/span><\/h2>\n

In a post on X, one analyst\u00a0<\/span>believes<\/span><\/a> Bitcoin has strong support at around $70,180 and $70,600. The analyst explained that on-chain data shows that over 450,000 addresses collectively bought over 273,000 BTC at this price range.\u00a0<\/span><\/p>\n

\"Zone
Zone above $70,000 emerging as support | Source: @ali_charts on X<\/figcaption><\/figure>\n

For this reason, the concentration of BTC holdings in this zone means the coin has strong support. If the level is to be broken, then sellers would need to make an even larger effort to break through this line, with a higher amount of BTC hitting the sell side of the equation.\u00a0<\/span><\/p>\n

Related Reading: Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch<\/a><\/div>\n

On-chain analytics firm Glassnode <\/span>notes<\/span><\/a>\u00a0that the Bitcoin market is cooling after intense selling pressure. After the strong uptick that saw the coin roar to as high as $73,800 in March 2024, prices plunged to as low as $56,500 this month. Prices have since recovered, but bulls have yet to break above all-time highs.<\/span><\/p>\n

While capital inflows remain moderate, Glassnode adds, volatility has decreased noticeably. Still, whether this volatility will shoot higher once $72,000 is broken remains to be seen.<\/span><\/p>\n

BTC Retraces: Will Bulls Break $72,000?<\/span><\/h2>\n

 <\/p>\n

All eyes are on whether BTC bulls will shake off the current correction. In a post on X, another analyst <\/span>said<\/span><\/a>\u00a0holders shouldn’t be worried because of this pullback and the failure of bulls to confirm the May 20 leg up.<\/span><\/p>\n

\"Pullbacks
Pullbacks are inevitable in bull markets | Source: @CryptoJelleNL via X<\/figcaption><\/figure>\n

Instead, the analyst is confident, saying pullbacks are a natural part of any bull market. The recent 23% correction, the analyst added, is an example. <\/span><\/p>\n

What’s important is that every retracement has been from a higher position. Therefore, the next local bottom will likely be higher than the previous one, potentially reaching around $80,000.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Seen Breaching $73,000 As \u2018Bull Run\u2019 Looms, Analyst Says<\/a><\/div>\n

Thus far, BTC has a strong resistance of $72,000. The bulls didn’t push through this line, even with more serious attempts in early April. <\/span><\/p>\n

As a result, this reaction level remains important from a technical perspective. Any breakout for now would increase the probability of BTC prices floating to retest $73,800 or break higher.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

In the days ahead, inflows to spot Bitcoin exchange-traded funds (ETFs<\/a>) coupled with improving sentiment might spark more demand. In that likelihood, BTC bulls will find the momentum to confirm the May 20 bar and break above the local resistance.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is cooling off after an impressive 25% spike from May 2024 lows. Even with this cool-off, some analysts are upbeat, predicting the coin will extend gains in future sessions. Bitcoin Finds Strong Support Between $70,180 and $70,600 In a post on X, one analyst\u00a0believes Bitcoin has strong support at around $70,180 and $70,600. The analyst explained that on-chain data shows that over 450,000 addresses collectively bought over 273,000 BTC at this price range.\u00a0 For this reason, the concentration of BTC holdings in this zone means the coin has strong support. If the level is to be broken, then sellers would need to make an even larger effort to break through this line, with a higher amount of BTC hitting the sell side of the equation.\u00a0 Related Reading: Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch On-chain analytics firm Glassnode notes\u00a0that the Bitcoin market is cooling after intense selling pressure. After the strong uptick that saw the coin roar to as high as $73,800 in March 2024, prices plunged to as low as $56,500 this month. Prices have since recovered, but bulls have yet to break above all-time highs. While capital inflows remain moderate, Glassnode adds, volatility has decreased noticeably. Still, whether this volatility will shoot higher once $72,000 is broken remains to be seen. BTC Retraces: Will Bulls Break $72,000?   All eyes are on whether BTC bulls will shake off the current correction. In a post on X, another analyst said\u00a0holders shouldn’t be worried because of this pullback and the failure of bulls to confirm the May 20 leg up. Instead, the analyst is confident, saying pullbacks are a natural part of any bull market. The recent 23% correction, the analyst added, is an example. What’s important is that every retracement has been from a higher position. Therefore, the next local bottom will likely be higher than the previous one, potentially reaching around $80,000.\u00a0 Related Reading: Bitcoin Seen Breaching $73,000 As \u2018Bull Run\u2019 Looms, Analyst Says Thus far, BTC has a strong resistance of $72,000. The bulls didn’t push through this line, even with more serious attempts in early April. As a result, this reaction level remains important from a technical perspective. Any breakout for now would increase the probability of BTC prices floating to retest $73,800 or break higher. In the days ahead, inflows to spot Bitcoin exchange-traded funds (ETFs) coupled with improving sentiment might spark more demand. In that likelihood, BTC bulls will find the momentum to confirm the May 20 bar and break above the local resistance. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":608884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,78790,89583],"class_list":["post-609302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level<\/title>\n<meta name=\"description\" content=\"Bitcoin remains in an uptrend even with prices pulling back. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level","url":"http:\/\/wncen.com\/news\/bitcoin-bulls-over-450000-addresses-bought-273000-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bulls-over-450000-addresses-bought-273000-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-20-09.27.27-A-visually-striking-image-in-wide-format-featuring-a-gleaming-Bitcoin-and-a-powerful-majestic-bull.-The-Bitcoin-is-prominently-displayed-glowing-wit.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-20-09.27.27-A-visually-striking-image-in-wide-format-featuring-a-gleaming-Bitcoin-and-a-powerful-majestic-bull.-The-Bitcoin-is-prominently-displayed-glowing-wit.png?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusdt","spot bitcoin etfs"],"dateCreated":"2024-05-22T18:00:20Z","datePublished":"2024-05-22T18:00:20Z","dateModified":"2024-06-11T08:55:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bulls Are Strong: Over 450,000 Addresses Bought 273,000 BTC At This Level\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-over-450000-addresses-bought-273000-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-over-450000-addresses-bought-273000-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/DALL\\u00b7E-2024-05-20-09.27.27-A-visually-striking-image-in-wide-format-featuring-a-gleaming-Bitcoin-and-a-powerful-majestic-bull.-The-Bitcoin-is-prominently-displayed-glowing-wit.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/DALL\\u00b7E-2024-05-20-09.27.27-A-visually-striking-image-in-wide-format-featuring-a-gleaming-Bitcoin-and-a-powerful-majestic-bull.-The-Bitcoin-is-prominently-displayed-glowing-wit.png?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusdt\",\"spot bitcoin etfs\"],\"dateCreated\":\"2024-05-22T18:00:20Z\",\"datePublished\":\"2024-05-22T18:00:20Z\",\"dateModified\":\"2024-06-11T08:55:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-20-09.27.27-A-visually-striking-image-in-wide-format-featuring-a-gleaming-Bitcoin-and-a-powerful-majestic-bull.-The-Bitcoin-is-prominently-displayed-glowing-wit.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609302"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=609302"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/608884"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=609302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=609302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=609302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}