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Bitcoin Price to ATH: One Big 599K BTC Barrier Lies Ahead

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Mon, 1/04/2024 - 13:23
Bitcoin Price to ATH: One Big 599K BTC Barrier Lies Ahead
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Bitcoin's (BTC) price has found solid ground at the $68,300 mark, indicating it is on track to reach a new all-time high (ATH). Amid this optimism, crypto analyst Ali Martinez has pointed to a key resistance level that could dampen the price of the world’s leading digital asset.

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Major resistance ahead of Bitcoin

In a recent post on X, Ali stated that Bitcoin’s price could see a downswing range of between $65,250 and $63,150 if it falls below $68,300. 

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Surprisingly, within this support range, Ali mentioned that around 760,000 wallets have bought 520,000 BTC. This suggests that a large percentage of crypto investors have ownership of the world’s leading cryptocurrency at this level, making it a pivotal level to watch.

The major resistance level pointed out on Ali’s chart for Bitcoin to reach a new high of $70,320 involves a total volume of 599,260 BTC from 736,380 addresses. According to Ali, surpassing this level could open the door for Bitcoin to continue its bullish momentum.

Ali’s chart also highlighted that 64.52% (1.82 million BTC) is in the money, while the remaining 35.45% (998,910 BTC) is out of the money. Currently, Bitcoin is trading at $69,709, with a trading volume that has increased by 49.76% to $25.9 billion, in addition to its market capitalization standing at $1.3 trillion.

Investors making big bet on Bitcoin

In a bullish case for Bitcoin, renowned economist Peter Schiff predicted a price of $94,000 to match the price of the dollar. While Schiff's comment was made in jest, the figure has some merit. Bitcoin has recently experienced a historic rise, surpassing expectations and reaching previously unimaginable heights.

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Meanwhile, Tim Draper, a renowned investor, disclosed that he invested 300 Bitcoin to a crypto firm, obtaining a 4% share in the unidentified business. In 10 years, he claimed to have made 15 BTC from the investment.  While this sum appeared small to many, Draper highlighted how the obtained returns represented a 15x return on his investment when measured in dollars.

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