Bitcoin remains stuck inside a range after traders aggressively purchased the dip, indicating solid demand at lower levels.
News about geopolitical tension between Iran and Israel caused wild swings in Bitcoin (BTC) on April 19. Although the price dipped below $60,000, the bears could not keep the price down. This suggests that the bulls are trying to flip the $60,000 level into support.
CryptoQuant head of research Julio Moreno said in a X post that the selling pressure may be reducing as traders unrealized profit margins were “basically zero” near $60,000. “Trader’s realized price” has acted as a strong support during bull markets, Moreno added.
Traders seem to be focusing on the long-term prospects of Bitcoin post halving. According to CryptoQuant data, during the 24-hours between April 16 and April 17, Bitcoin holders transferred more than 27,700 Bitcoin to accumulation addresses, creating a new record. Accumulation address is a wallet that holds more than 10 Bitcoin but has seen no previous withdrawal.
