Bitcoin’s Price Movement: Traders Wait as Critical Levels Loom
Bitcoin's value rapidly increased on April 25 and 26, followed by a few days of stability, before dropping over 4% during the past weekend.
Ali Martinez, a crypto analyst, recently identified two key levels that could affect the cryptocurrency’s future price movement.
To determine the direction of #Bitcoin, keep an eye on these two key levels:
🟢 1.85M addresses bought 650K $BTC between $27,440 and $28,315, which acts as support.
🔴 1.37M addresses bought 530K #BTC between $29,260 and $30,130, which acts as resistance. pic.twitter.com/z3gzPoe0vw
— Ali (@ali_charts) April 30, 2023
The first is a significant support level, with 1.85 million addresses purchasing 650,000 BTC between the price range of $27,440 and $28,315.
The second is a key resistance level, with 1.37 million addresses acquiring 530,000 BTC between $29,260 and $30,130. Presently, Bitcoin’s value is $28,551, which is slightly above the support level mentioned.
As for the recent price movement, Bitcoin initially rose from $27,400 on April 25 and reached a resistance point of $29,260, which it tried to breach over the weekend. Bitcoin’s value reached $29,800 thrice over the past week, but has now dropped to around $28,500.
READ MORE: Bitcoin Whales Quietly Accumulate $2 Billion During Recent Dip
The value increased by 4.13% over the past 7 days but decreased by 2.35% on a 24-hour chart. This price drop coincides with the upcoming monetary policy decision by the Federal Reserve on May 3, causing most crypto assets to trade negatively and neutralize the weekly gains made during the final days of April.
For now, traders are waiting to see which level between the two identified by Martinez will break first.
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.
