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Bitcoin‘s journey to its all-time high (ATH) is marked by a significant barrier looming ahead, with a whopping 599,260 BTC forming a major resistance level, according to a top analyst.
Ali Martinez, a prominent crypto analyst, has identified crucial levels for Bitcoin’s next upward movement. Despite finding stability around $68,300, Bitcoin risks a downturn to the range of $65,250 to $63,150 if it dips below this mark, as per Ali’s analysis.
Remarkably, within this support range, Ali highlights that approximately 760,000 wallets have purchased 520,000 BTC. This sizable ownership indicates a substantial portion of crypto investors have stakes in Bitcoin at this level, rendering it a critical juncture to monitor.
The key resistance level identified by Ali’s analysis lies at $70,320, where a significant volume of 599,260 BTC from 736,380 addresses awaits. Breaking through this resistance could pave the way for Bitcoin to sustain its bullish trajectory. Notably, Ali’s chart indicates that 64.52% (1.82 million BTC) is currently profitable, while the remaining 35.45% (998,910 BTC) is underwater.
As of now, Bitcoin is trading at $69,709, accompanied by a surge in trading volume by 49.76% to $25.9 billion. Its market capitalization stands strong at $1.3 trillion, reflecting the ongoing bullish sentiment.
In other news, well-known economist Peter Schiff humorously predicted a Bitcoin price of $94,000, likening it to the value of a dollar. Despite the jest, such a figure resonates given Bitcoin’s recent historic surge, defying expectations and reaching unprecedented levels.
Additionally, renowned investor Tim Draper revealed his investment of 300 Bitcoin in a crypto firm, securing a 4% stake. Over a decade, Draper claimed to have gained 15 BTC from this investment, which, while seemingly modest, translates to a remarkable 15x return when measured in dollars.
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