According to crypto analyst Ali Martinez, a level in Bitcoin price could play a critical role in preventing a sudden downward movement.
Martinez argued in his statement on social media platform X that when Bitcoin MVRV price bands are examined, the $54,240 level is a very important level to watch. According to the analyst, if this level is broken, a correction to $41,100 may occur.
According to the analyst, if the price drops to $54,240, a $24 million liquidation series will be triggered on cryptocurrency exchange Binance.
However, the Bitcoin price has made an attack in recent hours and has eased the price by moving slightly away from the critical analyst level. At the time of writing this article, the BTC price is trading at $ 57,308 after an increase of approximately 5% in the last 24 hours. At its peak, levels above $ 58,000 were also seen in the last hours.
Among the world's top 100 cryptocurrencies, Fantom (FTM) has seen the biggest increase in the last 24 hours. FTM has risen by 16% in the last 24 hours.
*This is not investment advice.