At $68,300, the price of Bitcoin (BTC) has stabilised, suggesting that it is headed for yet another all-time high (ATH). Crypto researcher Ali Martinez has identified a critical resistance level that might temper the price of the most valuable digital asset in the world amidst this euphoria.
Major resistance ahead of Bitcoin
Ali said in a recent post on X that if the price of Bitcoin drops below $68,300, it may witness a downswing range of $65,250 to $63,150.
Remarkably, Ali said that almost 760,000 wallets had purchased 520,000 BTC inside this support range. This indicates that a significant portion of cryptocurrency investors may hold the top coin in the globe at this point, making it an important milestone to monitor.
In order for Bitcoin to hit a new high of $70,320, a total volume of 599,260 BTC from 736,380 addresses must pass through the key resistance level seen on Ali’s chart. Overcoming this barrier, in Ali’s opinion, would allow Bitcoin to maintain its positive momentum.
Ali’s chart also showed that of the total amount of Bitcoin, 64.52% (1.82 million BTC) is in the money and 35.45% (998,910 BTC) is out of the money. With a market value of $1.3 trillion, Bitcoin is currently trading at $69,709 and its trading volume has surged by 49.76% to $25.9 billion.
https://x.com/ali_charts/status/1774716269108871569?s=20
Investors making big bet on Bitcoin
Renowned economist Peter Schiff projected that the price of Bitcoin will reach $94,000, matching the value of the dollar, in an optimistic prediction. Even if Schiff was joking, the number has some value. Recently, bitcoin has seen a historic surge that has surpassed forecasts and reached previously unthinkable heights.
Renowned investor Tim Draper said that he gave $300 Bitcoin to a cryptocurrency company in order to acquire a 4% stake in the unnamed company. He stated that he had profited 15 BTC from the investment in ten years. Although this amount might not seem significant to some, Draper pointed out that, in terms of money, the profits he received were a 15x return on his initial investment.
