The Bitcoin price has dropped below the $64,000 range for the first time since March 6, as the crypto asset searches for viable support.
Since Bitcoin (BTC) surpassed the All-Time High (ATH) price above $73,000 earlier this month, it has suffered a steep correction.
Against the general expectation, the price slump did not find suitable support at the $68,000 level where it traded for days. Over the past 24 hours, the coin has dropped below the $64,000 level and traded as low as $62,478.
Where Will Bitcoin Price Find Support?
Crypto analytics service provider IntoTheBlock (ITB) shared the “In and Out of Money Around Price” indicator showing Bitcoin is at the midpoint of an accumulation trend from addresses that bought the coin between $53,215 and $72,065.
Drawing on this metric, the platform’s data pegs the addresses in the money (or profit) at 2.8 million or 51.95% of the total addresses on the network.
Addresses out of the money (or in losses) come in at 2.59 million or 48.03% of the total addresses hosted on the network. The addresses at the money or break-even point come in at 0.03% or 1,550.
The close range of addresses in the money and out of money shows it is hard to find balanced resistance and support levels. On the way down, the $60,755 to $62,568 range, where approximately 746,070 addresses acquired 259,310 BTC, remains a crucial zone that might act as support.
Meanwhile, on the topside, the $66,410 to $68,295 level is the key resistance point to watch with almost 1 million addresses gobbling up 572,310 BTC.
Expert Thesis On Likely Bitcoin Support Zone
While on-chain shows a lower likelihood of steeper drops, per the ITB Bitcoin accumulation insights, legendary market trader Peter Brandt is not ruling out a 15% to 20% slump in the price of the coin.
However, Ki Young Ju, the Co-Founder of analytics platform CryptoQuant, believes the Bitcoin price may not fall below its ETF listing value of $46,376. His reasons for this projection hinge on related Gold precedent as the precious metal never retested its 2004 spot ETF price of $444.
With investors fixated on the support and resistance levels, MicroStrategy has announced the acquisition of $623 million worth of Bitcoin, an epic example of taking advantage of the dip.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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