In an unprecedented turn of events witnessed within the cryptocurrency sector, Bitcoin continued trading sideways at the $70K mark today, mirroring a consolidation phase for the token. This appears to have piqued substantial investor attention across the broader crypto market, as on-chain market data for the token further flagged long-term stability for BTC at $70K, amid the upcoming BTC halving. Here’s a closer look into why the BTC price may sustain a movement at current price levels.

Bitcoin Bulls Offer Support

A pivotal showdown between addresses holding BTC at support and resistance levels garnered considerable attention among crypto market participants worldwide. Notably, analyst Ali Martinez spotlighted data by Into The Block, revealing a potential bullish win over BTC that seems to be preventing the token’s fall below $70K.

According to these on-chain insights, a robust backing for Bitcoin prevails, as formidable amounts of addresses hold BTC between support of $68,220 and $70,325. Intriguingly, this support zone boasts the allegiance of approximately 1.4 million addresses, collectively hoarding a substantial 893,000 BTC tokens. Such steadfast accumulation signals a strong sentiment among investors, poised to defend Bitcoin’s price from significant declines, particularly below $70K.

Whereas, data also illustrated a cluster of 474,000 addresses situated between $70,760 and $71,200 resistance levels, with a total of 285,000 BTC tokens held. However, although the number of addresses holding BTC at resistance levels was considerable, it pales in comparison to the overwhelming support present in the market, further cushioning the token’s fall below $70K.

With a greater number of addresses and a significantly larger quantity of Bitcoin entrenched in the support zone, the odds tilt in favor of the Bitcoin bulls, potentially offering the BTC token support at $70K.

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Bitcoin Price Consolidates

As mentioned above, the Bitcoin token appears to be witnessing a consolidation phase as of writing, with its price resting at $70,838 with a 0.09% dip in the past 24 hours.

Further, another leading analyst, Rekt Capital, affirms that Bitcoin (BTC) ‘s movement within the price range of $69,000 to $71,300 is definitely a consolidation, “no matter how fearful investors may get with BTC retesting Range Low support or its retesting of Range High resistance. This further adds up to why Bitcoin may witness long-term stability at the $70K mark.

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The post Bitcoin Price Poised for Long-Term Stability at $70K: Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am