Bitcoin Price Stable at $69K Amid Strong Demand Zone Bolstered By 1.1M BTC
Bitcoin is holding steady due to the support provided by the accumulation in the $66.9k – $68.9k range.
The $70,000 level continues to be a major hurdle for bitcoin, but the latest data suggest that the world’s largest digital asset remains stable at the current price level and could initiate another leg up soon.
According to the latest analysis by IntoTheBlock, BTC has maintained a stable price of around $69,000, primarily due to a robust demand zone between $66,900 and $68,900.
The range in question is particularly noteworthy as it includes over two million addresses that have collectively accumulated a substantial 1.1 million BTC.
The data shows that the concentration of buying activity is indicative of a high level of interest and engagement among traders, creating a strong support level that has helped bitcoin sustain its current valuation despite market fluctuations.
This significant demand zone acts as a critical buffer, indicating trader confidence and investment at these price levels.
“Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k. In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders.”
The overall investor sentiment appears to be bullish, with renowned crypto trader Peter Brandt predicting that bitcoin’s current bull run could peak between $130,000 and $150,000 by late August to early September 2025, based on historical patterns following BTC’s previous halving events.
The bullish momentum is also driven by significant developments in the bitcoin ecosystem.
US Senator Ted Cruz, a longtime crypto supporter, has initiated mining operations in Iraan, Texas, by purchasing three application-specific integrated circuit (ASIC) Bitcoin miners.
Additionally, the Republic of Tatarstan, also known as Tataria, is aiming to establish Russia’s largest Bitcoin mining company, valued at approximately $100 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum undergoes "Fusaka upgrade" to further "scale and improve efficiency," strengthening on-chain settlement capabilities
Ethereum has activated the key "Fusaka" upgrade, increasing Layer-2 data capacity eightfold through PeerDAS technology. Combined with the BPO fork mechanism and the blob base price mechanism, this upgrade is expected to significantly reduce Layer-2 operating costs and ensure the network’s long-term economic sustainability.
Down 1/3 in the first minute after opening, halved in 26 minutes, "Trump concept" dumped by the market
Cryptocurrency projects related to the Trump family were once market favorites, but are now experiencing a dramatic collapse in trust.
Can the Federal Reserve win the battle to defend its independence? Powell's reappointment may be the key to victory or defeat
Bank of America believes that there is little to fear if Trump nominates a new Federal Reserve Chair, as the White House's ability to exert pressure will be significantly limited if Powell remains as a board member. In addition, a more hawkish committee would leave a Chair seeking to accommodate Trump's hopes for rate cuts with no room to maneuver.
From panic to reversal: BTC rises above $93,000 again, has a structural turning point arrived?
BTC has strongly returned to $93,000. Although there appears to be no direct positive catalyst, in reality, four macro factors are resonating simultaneously to trigger a potential structural turning point: expectations of interest rate cuts, improving liquidity, political transitions, and the loosening stance of traditional institutions.
Trending news
MoreCrypto prices
More
