As Bitcoin sees more decline, analyst Ali Martinez explains the key BTC resistance and support levels.
The past few hours have kept Bitcoin traders on their toes as the prominent crypto asset takes a sudden downturn below the $70,000 price mark to as low as $66,000. Popular technical and on-chain analyst Ali Martinez has shared research showing BTC’s new support and resistance levels.
#Bitcoin has established a solid support range between $64,750 and $66,700, where 382,000 addresses hold more than 275,000 $BTC. Monitoring this level closely is crucial, as losing it could shift the focus to the next significant demand zone between $60,760 and $62,790,… pic.twitter.com/QlZzoojSNB
— Ali (@ali_charts) March 15, 2024
BTC’s New Support and Resistance Levels
The analyst’s on-chain study revealed that Bitcoin has a “solid support range” between $64,750 and $66,700 because around 382,000 addresses accumulated over 275,000 BTC at these price levels. This means that a strong selling pressure from holders can plunge the asset’s value below that support range.
If a massive sell-off occurs, Bitcoin’s price will drop to the next support level between $60,760 and $62,790. About 797,500 addresses accrued more than 298,000 BTC at this price range. This next support level, which the analyst described as a “significant demand zone,” shows that bear traders will have a hard time pulling Bitcoin’s value below the $60,000 price mark.
Analyst Ali also explained Bitcoin’s resistance level, noting that the asset faces a “tough resistance” between $70,180 and $71,340. Around 533,300 addresses that bought 433,000 bitcoins will become profitable when BTC hits this price level. It implies that a cash out from these addresses can make it difficult for the leading crypto asset to position itself above the $70,000 price mark.
BTC Up Above $68K
Admittedly, Bitcoin’s value has bounced back above its earlier dip to the $66,000 price range. This suggests that bull traders have poured money into the leading asset, likely through spot Bitcoin ETF products.
Conversely, recent reports urge investors to remain alert as more declines may come. A historic study revealed that BTC typically sees significant price drops before the halving event occurs. An analyst projected the next four days as the commencement of the “Danger Zone” where BTC’s value will slump.
Meanwhile, BTC currently trades at $68,100.
