Bitcoin is currently trading just above the $67,000 mark. At the moment of this report, its price stands at $67,487, reflecting a slight increase of 0.04% over the day after dipping to a low of $65,702 within the last 24 hours.
Long-term metrics suggest that Bitcoin may be poised for a recovery following several months marked by profit-taking activities that have pushed its value down approximately 40% from its record high in October.
Data from AliCharts reveals that Bitcoin tends to find support below the 1130-day Simple Moving Average (SMA), which is presently around $66,500—emphasizing this level’s importance as a potential floor.
Since peaking above $126,000 in October, Bitcoin has experienced a downward trend with intensified selling pressure over recent weeks. On February 6th, it dropped beneath $70,000 and hit a low near $60,001 before bouncing back.
The cryptocurrency climbed back above the $70K threshold on February 8th reaching up to $72,232 but has since struggled to break beyond this ceiling and remains fluctuating between roughly $65,700 and just over $72K.
Increased Activity Among Large Holders
Wallets belonging to so-called “Bitcoin whales” have accumulated approximately 53,000 coins during the past week—the largest buying surge observed since November—following an extended period dominated by heavy selling. This influx helped stabilize prices even though many other investors remained inactive on the sidelines.
According to Glassnode analytics, wallets holding more than one thousand Bitcoins collectively purchased assets worth upwards of four billion dollars in recent days. This buying interrupted months-long sell-offs responsible for pushing Bitcoin nearly forty percent below its peak last fall.
Critical Price Zones To Monitor
The current trading range for Bitcoin lies defensively between about sixty thousand and seventy-two thousand dollars while resistance zones remain intact between eighty-two thousand and ninety-seven thousand dollars. Factors such as treasury outflows alongside decreasing spot market volume and cooling futures activity indicate subdued demand levels potentially limiting upward momentum for prices.
The digital asset is effectively trapped between its True Market Mean at roughly seventy-nine thousand two hundred dollars and realized price near fifty-five thousand dollars; meanwhile selling pressure continues being absorbed within demand zones spanning sixty-thousand through seventy-two-thousand-dollar levels.
Larger supply concentrations situated within ranges from eighty-two-to-ninety-seven-thousand dollars as well as one-hundred-to-one-hundred-seventeen-thousand-dollar intervals are currently held at unrealized losses—which could act as significant overhead resistance points during any relief rallies moving forward.