Bitcoin at a Crossroads: Key Resistance Level Could Determine Next Move
Top cryptocurrency analyst Ali Martinez has identified a critical moment for Bitcoin (BTC).
He notes that the cryptocurrency is currently facing strong resistance, with 1.52 million major investors having acquired 770,000 BTC in the price range of $59,885 to $61,625.
#Bitcoin is approaching a critical resistance zone, with 1.52 million addresses holding over 770,000 $BTC between $59,885 and $61,625. If this level is surpassed, #BTC could climb to $64,300. However, if it holds, a pullback to $57,235 may occur. pic.twitter.com/K4OLNJOFNL
— Ali (@ali_charts) September 13, 2024
Martinez suggests that if Bitcoin surpasses this resistance, it could target a new level at $64,300.
Conversely, if Bitcoin fails to break through this resistance, it might decline to $57,235.
READ MORE: MicroStrategy’s Bitcoin Buying Spree Hits Highest Level Since 2021
Recent data reveals that $2.6 million worth of assets have exited both Bitcoin and Ethereum over the past week. Additionally, 17 wallets holding over 1,000 BTC have recently sold or redistributed their holdings.
Over the past two weeks, 17 entities holding 1,000+ $BTC each have sold or distributed their holdings! pic.twitter.com/FYzzbh295z
— Ali (@ali_charts) September 14, 2024
Martinez also pointed out that BTC trading volume is decreasing, which typically indicates that the current downtrend has not yet reversed.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
