Cryptocurrency analyst Ali Martinez made a statement about Bitcoin (BTC), which is at an important turning point.
According to the analyst, the BTC price is currently trading in a significant resistance zone. 1.52 million large investors bought a total of 770,000 BTC between $59,885 and $61,625. According to Ali Martinez, if this critical zone is broken, the next target level could be $64,300.
However, in a bearish scenario, if this zone is not breached, the BTC price could drop to $57,235.
According to the data, a total of $2.6 million in assets have exited Bitcoin and Ethereum in the past week. In addition, 17 cryptocurrency wallets holding more than 1,000 BTC have either sold their assets or distributed them to other wallets in the past two weeks.
The analyst said the following about the status of the BTC price:
“Typically, during an uptrend, Bitcoin trading volume increases, while during a downtrend, it decreases. Currently, BTC trading volume continues to decline, suggesting that the price trend has not yet reversed.”
*This is not investment advice.