Bitcoin has reached the critical weekly support area around $64,000. This zone is highly sensitive. Despite the price decline, we’ve seen an increase in Bitcoin’s dominance and a decrease in altcoin dominance. Maintaining the weekly support is crucial for overall market stability and potential upward reversal.
Therefore, this level must hold to keep the chance of an upward move alive and prevent a more severe market downturn. We expect the key weekly support between $64,000 and $66,000 to hold, leading to a potential upward move for Bitcoin. The current resistance level to watch is $68,300.
(Supply and demand continue to interact at $65,000 level.
Despite the historical confluence between strong market momentum and an expansion of active addresses and transaction counts per day, a deviation in this trend is currently underway. The present monthly average transaction count stands at 617,000 transactions per day, which is 31% above the yearly average. This indicates a relatively high demand for Bitcoin blockspace.)