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$2.5 billion to prevent Bitcoin from falling below this level

Bitcoin Price History (BTC) hit all-time highs last week and has since triggered a correction that sent the cryptocurrency down 7.74%.

However, in the chaos of bearish sentiment, a single action by Bitcoin investors could prevent a catastrophic correction.

Bitcoin price saved by its users

Bitcoin is already trading at $67,768 at the time of writing, up from $68,393 since the start of the trading session. This leads to ongoing corrections that have seen the cryptocurrency miss the 50-day exponential moving average (EMA).

However, Bitcoin is still above the critical support level set at $63,724, which could lead to significant losses for investors. The reason is the conviction of BTC holders who have consistently enriched their portfolios despite market conditions.

BTC/USDT 1-day chart.
BTC/USDT 1-day chart. Source: Trading View

In the past week alone, approximately 36,640 Bitcoins worth over $2.5 billion left exchange wallets. Interestingly, whales are not accumulating at the moment, meaning it is retail investors who are accumulating at the moment.

Offer of Bitcoin on exchanges.
Bitcoin display on exchanges. Source: Feeling

In fact, their conviction is also strong in the derivatives market. The lack of long-term liquidation has made them optimistic, suggesting traders are still betting on price increases.

These efforts will be essential to help the Bitcoin price maintain its sideways movement path on the daily chart and avoid a catastrophic collapse.

BTC price forecast: be careful at this level

Bitcoin price is expected to stay above the $60,000 level and maintain the $63,724 level as a support floor.

However, the fact that profits remain high cannot be ignored. Realized profits, which refers to gains recorded on-chain after coins move through addresses, show high potential for making profits.

Bitcoin has made profits.
Bitcoin profits made. Source: Feeling

This adds to the falling prices and indicates that Bitcoin investors may choose to sell their holdings to make a profit.

Therefore, Bitcoin price will suffer and may fall to $63,724. Missing this support would invalidate the bullish thesis and leave Bitcoin vulnerable to a decline to $60,000.

Of confidence


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