747,000 BTC Bought at Crucial Bitcoin Demand Zone: Details

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Bitcoin increased modestly to begin the week as the network completed its fourth halving on Friday, lowering the incentives offered to Bitcoin miners.had risen 1.97% in the previous 24 hours to $66,210. The Bitcoin halving reduces the rewards given to miners in half and occurs around once every four years, as stipulated by the Bitcoin code.

Many investors expected little price action in Bitcoin around the halving since it has typically taken many months for the impact to be reflected in the price of Bitcoin. However, JPMorgan believes Bitcoin faces some near-term downside risk.However, the good news is that Bitcoin is currently positioned right on top of a key demand zone. While it is currently seeking to establish support at the $66,000 level, the $64,800 level comes next into view as a strong support level, with 1.

Bitcoin witnessed $192 million in outflows, but few investors recognized this as an opportunity to short, with short-Bitcoin outflows totaling $0.3 million.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. Tomiwabold earned his degree at the University of Lagos.

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