The world's largest cryptocurrency, Bitcoin (BTC), has been volatile this week after the false rumor that the US government was selling BTC.
Cryptocurrency analyst Ali Martinez shared his views on the BTC price in his statement on Twitter.
Martinez explained that there are two important levels to watch: the support level between $27,440-$28,315 and the resistance level between $29,260 and $30,130.
According to the analyst, 1.85 million addresses bought 650,000 BTC between $27,440 and $28,315, and 1.37 million addresses bought 530,000 BTC between $29,260 and $30,130.
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
Martinez also said that 54% of the Bitcoin supply, roughly 10 million BTC, has not moved for two or more years. He said this hodling pattern shows long-term faith in BTC despite recent Bitcoin price fluctuations.
In addition, the analyst also commented on the recovery in BTC price after the US rumor turned out to be untrue. According to the analyst, this rise was due to the spot market:
“Note that open interest continues to decline even as the BTC price rises from $27,000 to $30,000. This could indicate that the recent BTC bounce was driven by spot trading.”
*Not investment advice.
