The asset has suffered a drop of nearly 20% in price in the past week, however, this has not deterred traders from buying, and accumulation continues.
At the same time, while Bitcoin continues to trade below the $35000 level, on-chain data showed that the most significant support zone for Bitcoin was between $31700 and $33500.
It is worth noting that if the demand barrier between $31700 and $33500 holds, Bitcoin could rebound to $37000.
$118.58 Billion has flown into the Bitcoin network, supporting the narrative of recovery and price hitting closer to $40000, than dropping below $25000.
This is bullish for Bitcoin’s price and makes it less likely that the price will drop below $25000 in the current dip.
Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.