Ali Martinez Highlights Bitcoin’s Struggle Against Bearish Pressure


Echoing Michaël’s sentiment, another analyst, Ali Martinez, has shed light on Bitcoin’s battle against bearish pressure. Utilizing data from the market intelligence platform IntoTheBlock, Martinez offers a more detailed view of the challenges ahead.

According to this data, Bitcoin’s largest resistance zone lies within the range of $70,180 to $70,600, a critical threshold that BTC must overcome to pave the way for higher valuations.

The significance of this resistance zone is underscored by the substantial amount of Bitcoin held within this price range by a number of sizable addresses. Specifically, IntoTheBlock data reveals that 292,000 addresses hold approximately 397,000 Bitcoin in this narrow price range, amounting to over $28 billion in potential selling pressure.

The concentration of Bitcoin ownership represents a formidable barrier to BTC’s price increase, with the range from $70,180 to $70,600 serving as a crucial battleground for bulls and bears.

However, Martinez also highlights the positive side for Bitcoin beyond this resistance wall. He notes that beyond the $70,600 mark, Bitcoin faces minimal resistance until the $72,500 level, as fewer addresses have accumulated BTC within this higher price range.

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