Bitcoin Hits New 2024 High: 671,000 BTC Accumulated by Whales in Key Demand Zone

  • Bitcoin reaches a new high of $64,100, marking its best performance since December 2020.
  • One million addresses have purchased over 671,000 BTC within a significant price range, showcasing strong investor confidence.
  • “This accumulation zone could serve as a crucial level of support for BTC,” says crypto analyst Ali, citing IntoTheBlock data.

Bitcoin’s impressive rally to a new 2024 high is underpinned by a massive accumulation of 671,000 BTC by one million addresses, highlighting strong investor confidence and setting a robust support level.

Unprecedented Bullish Momentum

Bitcoin’s recent performance has been nothing short of remarkable, with the cryptocurrency finishing February about 45% higher, marking its sixth consecutive monthly rise. This rally to a new 2024 high of $64,100 on Wednesday has not been seen since December 2020, indicating a robust bullish momentum in the market. The accumulation of BTC by a vast number of investors at a key price range has significantly contributed to this upward trend.

Massive Demand Zone Identified

Crypto analyst Ali, referencing IntoTheBlock data, revealed that Bitcoin is supported by a massive demand wall, with one million addresses purchasing over 671,000 BTC within the price range of $60,334 to $62,155. This key accumulation zone not only highlights the strong confidence among investors but also establishes a crucial support level for Bitcoin, potentially preventing further drops and stabilizing the market.

Next Hurdles and Investor Activity

As Bitcoin navigates its next phases, it faces hurdles in the range between $63,282 and $67,413, where 48,440 BTC were acquired by 193,230 addresses at an average price of $65,164. This data, provided by IntoTheBlock, underscores the active engagement of investors in the market and their impact on Bitcoin’s price dynamics. Despite a slight cooldown from its recent peak, Bitcoin remains on a positive trajectory with a 21% weekly gain, although it is still shy of its November 2021 all-time high of about $69,000.

Global Reach and New Highs

Bitcoin’s rally is not only notable in the U.S. but has also led to record highs in local currencies across various countries, including economic powerhouses like China, Japan, the United Kingdom, and India, as well as emerging economies such as Argentina, Turkey, and Egypt. This global reach underscores Bitcoin’s growing influence and acceptance worldwide, further solidifying its position as a leading cryptocurrency.

Conclusion

The recent surge in Bitcoin to a new 2024 high, fueled by significant accumulation in a key demand zone, highlights the cryptocurrency’s strong market momentum and investor confidence. As Bitcoin continues to navigate through its next challenges, its global impact and the strategic accumulation by investors suggest a promising future for the flagship cryptocurrency.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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