While Bitcoin experienced a strong rally thanks to increased institutional adoption with the approval of the spot ETF, $ 65,000 was also exceeded in this rally.
While investors were waiting for $69,000 to be exceeded, a new BTC post came from the well-known analyst Ali Martinez.
At this point, Martinez said that more than 500,000 BTC were traded in the $61,100 to $61,800 range, creating a significant support range for BTC.
Stating that this support area is very important for Bitcoin, the analyst argued that BTC will continue its rise towards $ 65,900 as long as it manages to stay above this support range.
Martinez's analysis was partially successful and BTC rose above $65,000 today.
However, Martinez also highlighted potential downside risks for BTC, saying that if BTC falls below the established support level, there could be a correction and the price is likely to drop to $56,970 or even $51,500.
“Over 500,000 BTC were traded in the $61,100 to $61,800 range, creating a significant support area.
If Bitcoin stays above this support range, the price is poised to climb to $65,900 considering the minimum resistance ahead.
Conversely, if BTC falls below this support and a possible correction could drop the price to $56,970 or even $51,500.”
BTC continues to trade at $65,153 at the time of writing.
Over 500,000 $BTC have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If #Bitcoin remains above this threshold, it's poised to climb towards $65,900, given the minimal resistance ahead.
Conversely, should #BTC dip below support, a… pic.twitter.com/Lw2GhkmBET
— Ali (@ali_charts) March 3, 2024
*This is not investment advice.
