- Over 320,000 active Bitcoin addresses interact at current price levels.
- Also, 220,000 addresses have an average purchase price of $68,500.
- Potential support is forming around $68.5K amid strong buying interest.
Bitcoin is consolidating near its all-time high, with over 320,000 active addresses engaging around the $68,761 price level, according to IntoTheBlock data. This signals significant investor activity as Bitcoin hovers near record levels.
$68.5K Becomes a Key Support Level
Data shows that 220,000 Bitcoin addresses have an average purchase price of $68,500, suggesting this level may serve as a critical support zone. Many investors are likely to defend this price range, reinforcing market stability and potentially limiting selling pressure in the near term.
Meanwhile, Bitcoin reached a three-month high of $69,400 today, its highest level since July. The cryptocurrency has climbed 18% since the low of $58,895 on October 10, including a 7.2% increase last week. However, momentum has cooled a bit, and it is currently trading at $68,623.
Strong Inflows into Bitcoin ETFs Impact BTC Rally
Bitcoin’s recent gains have been supported by significant inflows into exchange-traded funds (ETFs) linked to the cryptocurrency. Latest record shows that U.S. spot Bitcoin ETFs experienced net inflows of approximately $2.4 billion in the six days leading up to October 18.
In a related update, the U.S. Securities and Exchange Commission (SEC) has granted “accelerated approval” to 11 ETFs for listing and trading options tied to Bitcoin spot prices on the New York Stock Exchange.
These ETFs, including the ARK 21Shares Bitcoin ETF and the Invesco Galaxy Bitcoin ETF, offer institutional investors affordable opportunities to gain exposure to Bitcoin. The introduction of these options is expected to increase liquidity and encourage greater market participation.
Bitcoin’s rise is also linked to the upcoming U.S. presidential election and the potential impact of Donald Trump’s proposed tariff and tax policies.
Trump’s approach to cryptocurrency regulation is viewed as favorable for Bitcoin, with many analysts predicting that his policies could maintain high US interest rates while weakening the currencies of trading partners. This sentiment has further bolstered Bitcoin’s upward trend.
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Source: https://coinedition.com/bitcoin-consolidates-near-all-time-high-with-320000-active-addresses/