Summary
- 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.
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.
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