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Despite sharp declines in the cryptocurrency world today, a development is seen as a sign of a potential new rally. Accordingly, $750 million worth of Bitcoin (BTC) was withdrawn from various cryptocurrency exchanges. This figure was recorded as the highest since May 2023. A large part of this withdrawal was carried out by the Bitfinex and Kraken exchanges, with $524 million and $130 million respectively.
Bitcoin Price Peaks
This week, Bitcoin reached its fourth highest level of all time, increasing excitement. The outflow of Bitcoin from exchanges can be considered a positive indicator of long-term confidence in Bitcoin, as investors prefer to independently secure their assets.
With investors pulling back from risky assets, Bitcoin fell below $70,000. This decline occurred after Bitcoin reached a new peak for the fifth time in the last seven days. Bitcoin retreated to $65,565 with a 9% drop. Other tokens such as Ethereum, Shiba Inu, and XRP also experienced the same downward trend.
US stocks and cryptocurrency currencies saw a decline, despite signs of a slowdown in some economic sectors, as bets on a strong inflation report suggested the Federal Reserve would not rush to lower interest rates. Lower interest rates tend to increase the attractiveness of cryptocurrencies.
Stable Support Zone for Bitcoin
While investors wait to determine the future of Bitcoin, cryptocurrency expert Ali Martinez believes there is a stable support zone between $64,750 and $66,700, based on 382,000 addresses holding over 275,000 BTC.
Martinez emphasizes that closely monitoring this level is critical; losing it could shift focus to the next significant demand zone between $60,760 and $62,790, supported by 797,500 addresses holding more than 298,000 Bitcoins.
In parallel with these developments, Bitcoin, the flagship of cryptocurrencies, faces tough resistance between $70,180 and $71,340. This barrier is reinforced by 533,300 addresses holding a total of 433,000 Bitcoin. BTC was trading at $68,146 at the time of writing.
Predicting the future movement of Bitcoin’s price is challenging, but a recovery from these levels could mean new peaks for BTC.
