New research indicates Bitcoin buyers from early 2024 are acting as a crucial support layer, absorbing selling pressure as the price lingers below $70,000. Analysis shows these medium-term holders accumulated in a $60,000 to $69,000 range and have not capitulated, contributing to recent sideways price action. However, many analysts still anticipate new macro price lows for Bitcoin in the near term.
Bitcoin is currently relying on buyers from early 2024 as its price stalls well below recent highs. These investors, who accumulated during a prolonged consolidation phase in the first half of that year, represent a dense demand zone according to on-chain analysis.
“A closer inspection of price behavior since the breakdown below the True Market Mean indicates that downside pressure has largely been absorbed within a dense demand zone between $60k and $69k,” summarized recent research. The cohort established their positions over a year ago and are now near their average cost basis.
“The positioning of this cohort near breakeven levels appears to have moderated incremental sell pressure, contributing to the development of another sideways structure,” the analysis continued. This resilience has allowed the market to transition from an impulsive decline into range-bound absorption.
Despite this hodler support, many market participants expect new macro price lows. Traders have signaled little faith in the current range holding as durable support. One forecast stated this week a belief that prices near $52,000 could arrive soon.
That trader’s forecast noted, “Expected a quick bounce to reset indicators then straight back down. I still believe 52-53k is coming in the next week or so.” This view aligns with broader skepticism about the sustainability of current price levels despite the identified demand zone.
