Massive victory for Bitcoin bulls if this critical level holds

Despite the current slowdown, Bitcoin (BTC) has recently crossed the $35,000 level for the second time in a week and remains in the upper $34,700’s, with nearly 80% of its holders presently in profit and the cryptocurrency sector waiting with bated breath to see what happens next.

As it happens, over 78% of Bitcoin holders are making money at the flagship decentralized finance (DeFi) asset’s current price, as opposed to 17% in loss, according to the information shared by the blockchain and cryptocurrency analytics platform IntoTheBlock in an X post published on November 6.

Bitcoin holders in profit at current price. Source: IntoTheBlock

Furthermore, 1.94 million addresses have previously bought 778,859 BTC at a minimum price of $34,111.17 and a maximum price of $35,122.37, which makes the average of $34,650 a critical support level that the maiden crypto needs to hold for bulls to have “a massive victory,” as the analysts observed.

Bitcoin holders in/out of the money around price. Source: IntoTheBlock

Bitcoin price analysis

As things stand, Bitcoin was at press time trading at the price of $34,765, which suggests a marginal decline of 0.67% in the last 24 hours but still a 1.31% gain across the previous seven days, in addition to the advance of 24.90% over the past month, according to the latest charts on November 7.

Bitcoin 30-day price chart. Source: Finbold
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Meanwhile, Bitcoin has also experienced a massive uptick in network activity, with more than 700,000 new addresses joining in a single day on November 4, indicative of renewed investor optimism surrounding the possibility of a first Bitcoin spot exchange-traded fund (ETF), as Finbold reported on November 6.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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