Bitcoin (BTC) lost seemingly strong price support by the end of the week, falling below $69,000. Now, cryptocurrency traders look for the next Bitcoin price support levels to watch on the charts going forward.
Previously, $69,000 had been a significant resistance level for the major cryptocurrency, marking a one-cycle high in 2021. At the time, this price had set an all-time high for Bitcoin, which was challenged and briefly broken on March 9 .
A week later, BTC fell back below what traders had expected to become a strong support level, raising the possibility that the previous breakout was actually a deviation, or what is known as a “false breakout.”
Bitcoin support and resistance levels
In this context, the expert trader Ali Martinez shared what he believes will be Bitcoin’s next support and resistance levels.
In particular, mentioning the range between $64,750 and $66,700 as the first support zone, followed by the range between $60,760 and $62,790, if the former is lost. On the other hand, Martinez considers the range between $70,180 and $71,340 as Bitcoin’s current resistance level.
“Bitcoin has established a solid support range between $64,750 and $66,700, where 382,000 addresses are holding more than $275,000 BTC. Monitoring this level closely is crucial, as missing it could shift focus to the next significant demand zone between $60,760 and $62,790, safeguarded by 797,500 addresses with over 298,000 BTC.
In contrast, Bitcoin faces stiff resistance between $70,180 and $71,340. This barrier is fortified by 533,300 addresses, which collectively hold 433,000 BTC.”
– Ali Martinez (@ali_charts on X)
BTC price analysis
As of this writing, Bitcoin’s price was trading at $67,884, below its 2021 all-time high, after what could have been a deviation above.
Interestingly, BTC is also above Ali Martinez’s first support level at $64,750-$66,700. Exceeding this region would lead Bitcoin to crash towards the next zone between 60,760 and 62,790 dollars. Together, they both have over 1 million addresses of owners interested in these ranges.
Meanwhile, investors need to trade carefully and properly evaluate the risk-reward ratio in each Bitcoin’s support and resistance level now. Cryptocurrencies are highly volatile and unpredictable assets, requiring proper risk management and solid strategies to navigate.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
