In the past 24 hours, Bitcoin has rallied roughly 5%, surging past $72,000 in an attempt to retouch its all-time high. This upward trajectory has significantly reduced the number of addresses holding the digital asset at a loss.that over 30,000 Bitcoin addresses were at a loss, with a volume of 10,540 BTC. However, BTC’s continuous climb has eliminated the losses, placing the addresses at the money.IntoTheBlock says these indicators show BTC is having a great start to the week.
Although most of last week was in the red, the bulls took over on Friday and pushed BTC past $69,000; they failed an attempt to surge past $70,000 on Sunday. While BTC remains above $72,000 at the time of writing, speculation abounds that the cryptocurrency will crush its all-time high of $73,700 before the halving takes place in the next 12 days.
Meanwhile, analysts said Bitcoin is in a consolidation phase, navigating sideways between a range low of $65,000 and a range high of $71,000. This phase allows investors to accumulate the digital asset at an advantageous price and manage risk amid uncertainty. Sustaining support levels at $60,000 and $57,000, linked to short-term Bitcoin whales and large wallets, BTC is unlikely to witness any significant corrections but rather short-term upward momentum.Bitcoin Inches Closer to $50,000 with Key Resistance Level AheadThe Most Popular Airdrops to Watch For in 2024Sign-up FREE to receive our extended weekly market update and coin analysis report
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