Bitcoin (CRYPTO:BTC) recently fell below the critical $70,000 mark, with its price hovering around $69,204, showing a slight daily decline.

Despite this, on-chain data indicates Bitcoin is testing a crucial support zone between $67,353 and $69,383.

This level is significant as nearly 2 million addresses have purchased approximately 965,000 BTC within this range, creating a robust support area.

Analyst Ali Martinez suggests that this support must hold for Bitcoin to continue its upward trend, with potential risks of dropping to $65,000 if it fails.

Additionally, over $1.57 billion in BTC has been withdrawn from centralised exchanges in the past week, hinting at rising investor confidence and a shift towards accumulation.