"News Updates March 01, 2024"
1. Bitcoin Forms Support Wall at $61K Where 1M Addresses Bought 671K BTC. The price of Bitcoin (BTC) is likely to witness mild correction after its recent parabolic run, but the current address holdings form a formidable support that might stabilize any negative volatility.<\/p>\n
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After a period of uptrend, a correction is often the next feasible direction. For February, the price of Bitcoin jumped by more than 47%, hitting a high of $63,913.13 and sending more than 95% of its addresses into profit. <\/p>\n
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Per data from IntoTheBlock, Bitcoin currently has strong support with minimal resistance placing it at a bullish position at the moment.<\/p>\n
Formidable Bitcoin Acquisition Zone<\/p>\n
According to data pointed out by market Analyst Ali Martinez, Bitcoin’s price is currently holding steady above a “massive support wall.” Approximately 1 million addresses acquired a total of 671.06K Bitcoin between the prices of $60,334.94 to $62,155.10.<\/p>\n
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With the price of Bitcoin now pegged at $63,913.13 despite the 2.53% correction in the past 24 hours, the selling pressure is removed in the short term.<\/p>\n
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Amid the current slip in price, Martinez noted that this price range serves as a region of strong investor confidence and might cushion against further drops.<\/p>\n
However, should Bitcoin’s price drop below this range, there is a guarantee that the $58,447.37 to $60,334.94 price range will act as a formidable support.<\/p>\n
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Overall, about 50.99 million addresses, or 98.06% are in profit at the moment. To balance this impressive profitability, 193.45K addresses, or 0.37% of the total holders, are seeing losses, while only 815.73k addresses, or 1.37%, are at a breakeven point.<\/p>\n
Bitcoin’s Ripple Effect<\/p>\n
The uptick in the price of Bitcoin and the accompanying profitability has also triggered a related jump for other altcoins. Besides Ethereum (ETH), which has increased its address profitability to 89.98%, Shiba Inu is one of the biggest beneficiaries, with over 55% of all addresses now in profit.<\/p>\n
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The hype surrounding the spot Bitcoin ETFs product is likely to drive a further surge in the price of BTC as adoption widens, and the ripple effect might be encompassing as has been showcased thus far.<\/p>"
