- Bitcoin (BTC) has recently approached a major on-chain support zone after a 5% drop, according to analysis.
- According to IntoTheBlock, 1.17 million BTC were purchased at an average price of $96,353, forming a support level.
- This suggests that Bitcoin could secure a strong support level.
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- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The cryptocurrency market data analysis platform IntoTheBlock reported on the 7th (local time) via its official X (formerly Twitter) that "Bitcoin (BTC), which just dropped about 5%, is approaching the major on-chain support zone of $94,873 to $97,757."
It continued, "According to on-chain data, approximately 1.46 million addresses purchased 1.17 million BTC at an average price of $96,353," adding, "This could potentially serve as a strong support level."
Meanwhile, BTC is trading at $98,195.95, down 3.62% from the previous day, as of 01:46 on the 8th in the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.PiCK News
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