But more importantly, when it occurs during a market uptrend, where investors are sitting on over 51% gains for the month, it signals an overwhelming conviction among existing holders that the Bitcoin price rally will continue towards the $70,000 territory in March 2024.
Also, when valued at the current BTC price of $41,000, the coins offloaded over the past week are worth approximately $4.1 billion. If market demand remains weak, the intense sell pressure could promptly send BTC price spiraling below $40,000.
BTC Price Forecast: Breaking $65,000 Is the Next Challenge
From an on-chain perspective, the $2,8 billion decline in BTC market supply in February, put BTC price in vantage position for a major breakout to new all-time highs above $70,000.
However, IntoTheBlock’s In/Out of the Money Around Price data emphasizes the BTC faces significant resistance at the $65,000 area.
First appeared on www.fxempire.com