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Many BTC traders may be dumping assets in the range of $61,700 to $70,500, as they try to minimize losses and achieve breakeven.
In the past few weeks, the momentum of BTC (BTC) has been weak, hovering between $55,000 and $65,000. The leading cryptocurrency has been struggling to return to the $70,000 level, let alone rebound to a new all-time high (ATH).
IntoTheBlock analysts said that BTC failed to successfully surge to a new high because a large number of addresses purchased the asset between $61,700 and $70,500.