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Before the weekend, Bitcoin (BTC) had fallen below the critical $69,000 level and continues to trade under it. Cryptocurrency investors are now following analysts’ comments for the next Bitcoin price support levels. Previously, $69,000 had been seen as the all-time high (ATH) for Bitcoin and also an important resistance level. This price level had represented the highest level ever for Bitcoin at that time and had been briefly surpassed and moved away from upwards on March 9.
Bitcoin’s Support and Resistance Levels
After about a week, BTC suddenly retreated below what investors thought would be a strong support level, increasing their anxiety about a new downward price movement. Analyst Ali Martinez also made some comments on the matter.
Martinez pointed to the region between $64,750 and $66,700 as a significant support range. He added that if the price falls below this range, the next area to watch would be between $60,760 and $62,790. On the other hand, Martinez mentioned that the range between $70,180 and $71,340 is currently serving as Bitcoin’s resistance level.
Ali Martinez shared the following words:
Bitcoin has formed a solid support range between $64,750 and $66,700, where 382,000 addresses hold more than 275,000 $BTC. Monitoring this level is very important, as losing it could shift focus to the next significant demand zone between $60,760 and $62,790, which could be defended by more than 298,000 BTC held by 797,500 addresses. Conversely, Bitcoin faces a tough resistance between $70,180 and $71,340. This barrier is reinforced by 533,300 addresses collectively holding 433,000 BTC.
What Will Be the Price of BTC?
At the time of writing this article, the Bitcoin price was below the ATH level reached in 2021. The price was trading at $68,000 following a 0.86% decrease over the last 24 hours.
BTC is also trading above the first support level identified by Ali Martinez, which is the $64,750-$66,700 range. Falling below this region could lead to Bitcoin retreating to the next level, which is between $60,760 and $62,790. It’s important to note that there are over one million addresses interested in buying in these regions.
