Massive victory for Bitcoin bulls if this critical level holds

Despite the current slowdown, Bitcoin (BTC) has recently crossed the $35,000 level for the second time in a week and remains in the upper $34,700’s, with nearly 80% of its holders presently in profit and the cryptocurrency sector waiting with bated breath to see what happens next.

As it happens, over 78% of Bitcoin holders are making money at the flagship decentralized finance (DeFi) asset’s current price, as opposed to 17% in loss, according to the information shared by the blockchain and cryptocurrency analytics platform IntoTheBlock in an X post published on November 6.

Furthermore, 1.94 million addresses have previously bought 778,859 BTC at a minimum price of $34,111.17 and a maximum price of $35,122.37, which makes the average of $34,650 a critical support level that the maiden crypto needs to hold for bulls to have “a massive victory,” as the analysts observed.

Bitcoin price analysis

As things stand, Bitcoin was at press time trading at the price of $34,765, which suggests a marginal decline of 0.67% in the last 24 hours but still a 1.31% gain across the previous seven days, in addition to the advance of 24.90% over the past month, according to the latest charts on November 7.

Meanwhile, Bitcoin has also experienced a massive uptick in network activity, with more than 700,000 new addresses joining in a single day on November 4, indicative of renewed investor optimism surrounding the possibility of a first Bitcoin spot exchange-traded fund (ETF), as Finbold reported on November 6.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source