Bitcoin's On-Chain Demand Suggests Support Around $64,800

IconCrypto News Terminal22 Apr, 2024

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Bitcoin's On-Chain Demand Suggests Support Around $64,800

## Bitcoin's On-Chain Demand Indicates Support Cryptocurrency market data analytics platform IntoTheBlock analyzed that "Based on on-chain demand, Bitcoin is forming a support line around $64,800." The platform added that approximately 1.66 million addresses have purchased BTC at an average of $64,800, which is near the top of the key range where demand is concentrated. If the market experiences further downward pressure, this price range could act as a strong support line. Previously on May 27th, 2024, IntoTheBlock highlighted that Bitcoin's on-chain metrics were indicating a potential bullish trend. The platform noted that the number of active Bitcoin addresses had increased significantly over the past few months, and that the average transaction value had also increased.

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