Key Points
- Bitcoin has found support at $74K, with over 50,000 BTC held by inactive investors since March.
- Cost basis clusters at $71.6K and $69.9K may provide a cushion against further decline.
Bitcoin, often referred to as BTC, seems to have established a support level at $74K. This level is primarily backed by more than 50,000 BTC held by investors who have not been active since the beginning of March.
Price Stability and Support Levels
The $74K mark is a significant supply cluster below $80K, mirroring patterns seen in previous bull markets. It is supported by more than 50,000 BTC held by long-term investors who have been inactive since early March.
Between the $74K and $70K marks, around 175,000 BTC are spread across different cost basis levels. These levels could potentially provide a buffer against further price drops. The most substantial concentrations are found at $71.6K and $69.9K.
