A renowned analyst recently shared a crucial price level for the Bitcoin (BTC) manages to reignite its bull run. The cryptocurrency market began a sharp decline recently following geopolitical tensions in the Middle East last weekend. Cryptocurrencies experienced a bull run on April 15, with the approval of Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) in Hong Kong, however, the market subsequently fell again.
Analyzing the current market scenario and the price movement of Bitcoin, Ali Martinez, a cryptocurrency expert, revealed the important price zone for the largest cryptocurrency to resume its upward trajectory.
“According to URPD, $62.000 is a crucial support zone for Bitcoin. Missing this level could shift focus to the next area of significant demand around $51.500. On the other hand, if $BTC rises above $66.250, it could significantly increase the chances of reigniting the bull run!” he wrote.
According to the URPD, $62,000 is a crucial support zone for # Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.
Conversely, if $ BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! pic.twitter.com/20zwfktZkx
— Ali (@ali_charts) April 16, 2024
The analyst also has identified a change currently that is suggesting that Bitcoin whales may be distributing their holdings or no longer accumulating tokens. “For the first time since October 2023, there is a notable change in Bitcoin's Accumulation Trend Score, now at 0,27. This change indicates that BTC whales may be distributing their holdings or no longer accumulating $BTC!”
At the time of publication, the Bitcoin price it was quoted at US$62.500,57 with an increase of 1.2% in the last 24 hours. Over the past seven days, the price of the largest cryptocurrency has recorded a drop of 9.8%.
Bitcoin whales do not give up their holdings and continue betting on BTC
Amid the recent sharp drop in the cryptocurrency market in recent days, Bitcoin (BTC) whales continue to bet on the largest crypto asset and are not giving up their holdings, according to an analysis shared by the Santiment platform.
O cryptocurrency market experienced a sharp drop amid geopolitical tensions in the Middle East over the weekend. The largest cryptocurrency on the market experienced a sharp drop, reaching a price of US$60.800.
“Bitcoin’s key stakeholders are not relenting on their holdings despite worrying volatility that saw the market cap cryptocurrency’s market value reach $61,5 over the weekend,” he wrote.
