According to Glassnode Cofounders, who go by the name “Negentropic” on X, Bitcoin bulls might need to keep a vigilant eye on the $64,000 and $65,000 levels, which are emerging as crucial junctures for BTC’s price action.
Amid the current price dip, Bitcoin (BTC) now exhibits the potential to rebound toward $67,000, Negentropic stated.
However, this level may create resistance, and overcoming it could set BTC on a path toward an even higher target of $69,500. On the flip side, the $65,000 mark is being watched as a crucial psychological support level, one that could play a pivotal role in maintaining investor confidence.
Negentropic highlights the importance of the $65,000 level, not merely as a psychological support, and urges Bitcoin traders to keep an eye on it. However, despite the possibility of dips to $62,000 or even $60,000, the market’s sentiment remains cautiously optimistic.
As the market waits for Bitcoin’s next major move, investors and traders may want to keep an eye on these important levels to efficiently navigate present market dynamics.
At the time of writing, BTC was down 0.48% in the last 24 hours to $64,795 after dipping to lows of $64,555 in today’s trading session. Bitcoin fell to a one-month low as outflows from digital-asset investment products and the possibility of higher-for-longer U.S. borrowing costs dampened the cryptocurrency market.
As Bitcoin has dipped below the $65,000 mark, IntoTheblock reveals that on-chain data suggests strong demand levels down to $61,600. The closest significant support level, however, lies around $64,500, where 1.28 million addresses previously acquired BTC.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
