Financial Insights That Matter
A closely followed crypto analyst says that Bitcoin (BTC) could see a sharp decrease if it fails to hold a crucial zone of support.
In a new strategy session, crypto trader Ali Martinez tells his 110,700 followers on the social media platform X that sell pressure could see the crypto king plunge all the way back down to $74,000 if it fails to maintain the $92,000 price level.
“A surge in selling pressure pushing Bitcoin below $92,000 could spell trouble. Falling past this level opens the door to a steep drop, with little support until $74,000.”
The trader’s chart – which uses UTXO Realized Price Distribution (URPD), a metric that analyzes the distribution of BTC’s realized price based on the amount of Bitcoin left over after transactions – shows a massive gap between $92,000 and $74,000. According to Martinez, this is Bitcoin’s “free fall” territory.
The analyst goes on to note that when the top crypto asset by market peak hit a price of $102,000, the majority of traders on Binance began to short the asset. However, now that it dipped back down to $93,000, investors are doing the opposite.
“On Jan. 6, with Bitcoin at $102,000, 56.59% of traders on Binance were shorting. What followed was a 10% [drop]sending BTC down to $93,000 today. But now, 63.92% of traders on Binance are going long.”
The flagship digital asset is trading for $93,918 at time of writing, a 1.3% decrease over the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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