Bitcoin’s Price Holds Steady Above $69,000
This spike above $69,000 was supported by key moving averages, with the 50-hour and 200-hour averages at $66,951 and $68,075 providing crucial support.
The price movement is currently testing the upper range of the Bollinger Bands, indicating potential overbought conditions but also strong bullish momentum.
The On-Balance Volume (OBV) oscillator shows steady buying interest, which helps sustain the current price level.
Positive signals are also reflected in the MACD, where the histogram’s positive values and the widening gap between MACD and signal lines suggest increasing buying pressure.
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Data from CryptoQuant indicates that Bitcoin’s realized price remains above $65,000, suggesting that many investors are currently in profit. Coins held for 1 to 3 months are trading below market value, which typically supports bullish trends.
Additionally, a significant reduction in Bitcoin held on exchanges—from 2.76 million BTC to 2.72 million BTC—hints at a shift towards long-term holding, potentially driving prices higher. Overall, Bitcoin appears well-positioned for further gains as it approaches the $70,000 mark.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
