Bitcoin While it experienced a strong rally thanks to increased institutional adoption with spot ETF approval, $ 65,000 was also exceeded in this rally.
While investors wait for $69,000 to be surpassed, the well-known analyst A.A new BTC post came from li Martinez.
At this point Martinez had more than 500,000 He said that BTC is trading in a range of $61,100 to $61,800 and that this level constitutes an important 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 At the time of writing, it continues to be traded at $65,153.
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.
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