[Analysis] "Bitcoin (BTC) Forms Major Support Level Near $97.1K... Area Where 2.1M BTC Was Accumulated"
Minseung Kang
Summary
- Bitcoin has formed a strong support level near $97,100.
- A total of 2.1M BTC was accumulated at this price level, which analysts say acts as a major buying support level.
- Despite additional downward pressure, they indicated this zone is likely to become a strategic support level.
Bitcoin (BTC) is forming a strong support level around $97,100, according to analysis.
On the 21st, cryptocurrency media outlet IntoTheBlock reported through X (formerly Twitter) that "according to on-chain data, Bitcoin saw strong buying pressure near $97,100" and analyzed that "if additional downward pressure is applied to the market, this buying zone is likely to act as a strong support level."
According to the media, 2.76 million Bitcoin wallet addresses have reportedly purchased a total of 2.1 million BTC at this price level.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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