From Investing.com: 2024-05-22 14:00:24

Bitcoin is hovering near $70,000, with analysts eyeing a critical supply zone where over 450,000 addresses have acquired 273,000 BTC. The zone acts as a barrier to upward price movements, potentially leading to increased selling pressure. BTC reached highs of $71,980 before experiencing resistance and is currently trading at $69,998.

As Bitcoin approaches the $70,600 level, potential scenarios include a bullish continuation with strong volume to attract buyers, a price rejection leading to a pullback, or consolidation before a major price movement. The behavior around $70,000 will be closely monitored, with a local peak projected at $77,593 if BTC stays above $65,125.

Read more at Investing.com: 273,000 BTC Held at Key Bitcoin Supply Range By U.Today