The world’s leading decentralized digital asset and innovative payment network, Bitcoin (BTC), saw its exponential growth ascent halted yesterday, resulting in widespread market declines affecting almost all cryptocurrencies.
When drafting this report, the flagship crypto asset price readings on CoinGecko revealed that it is changing hands at about $69,300, reflecting a 2.2% decline from the previous day. Notedly, the coin’s 24-hour range minimum and maximum prices reflected $68,856.25 and $71,557.40, respectively, implying a marked drop for the specified timeline.
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On the other hand, BTC’s 7-day-to-date and month-to-date indices reflected increments of about 2.5% and 13.5%, respectively, underscoring Bitcoin’s gradual expansion over the past few weeks.
Bitcoin’s Price Actions Eliciting Worries Among Crypto Faithful
As expected, Bitcoin’s price actions described above have elicited fear among crypto enthusiasts, considering the spontaneous price declines nature.
Consequently, questions about what could have prompted the sudden price reversal have flooded the crypto space. In the same vein, some crypto faithful seem more concerned about the possible post-effect of the market turnaround as they seek to salvage their crypto portfolio.
#Bitcoin just got rejected again.
Should we be worried? pic.twitter.com/C5Qc7yibFA
— Mister Crypto (@misterrcrypto) June 8, 2024
Amid the growing confusion, renowned market expert Ali Martinez recently took to his verified X handle to highlight a crucial condition that will see Bitcoin sustain its price uptrend momentum.
Ali Martinez’s Only Condition For Bitcoin’s Price Surge Sustainability
According to Martinez, Bitcoin’s price actions should not be a source of worry if the coin remains anchored around a strong price support zone. Interestingly, the potent support marks lie between the $69,300 and $67,350 price levels.
Going further, Martinez noted that the spotlighted support levels are significant, as they mark the selling prices for procuring a massive 964,000 BTC by 1.97 million addresses.
#Bitcoin is anchored in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 $BTC. Holding this level is crucial for #BTC to sustain its upward momentum. pic.twitter.com/B36CvZYrkL
— Ali (@ali_charts) June 8, 2024
Support Level Still Holding At Upper Limit
Bitcoin’s $69,300 selling price, highlighted earlier in this insight, implies that the world’s most valuable crypto asset is still selling within the upper limit of Martinez’s price support level for Bitcoin.
Hence, the coin possesses a safe window for further price declines before crypto enthusiasts begin to worry about the possibilities of a total swing in momentum that could orchestrate a bearish market phase.
What Is Next?
Having established the only condition that could result in BTC’s price movements going negative, crypto investors have no option but to continue observing the market closely to pick out early signs of significant price reversals.
In the meantime, buying the dip will not be a bad idea, as Ali Martinez speculated in a different tweet. According to the market expert, red days often lead to green days. Hence, investing in Bitcoin or other altcoins might be rewarding once the market realigns in the desired bullish direction.
Red days often lead to green days! #BuyTheDip pic.twitter.com/4brwW4zI5X
— Ali (@ali_charts) June 8, 2024
How events unfold remains fluid. However, Martinez’s analysis and insight aim to encourage investors to persevere while remaining calm, as the crypto market still has reasonable chances of rewarding them massively.
Learn More
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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