Bitcoin’s price has been quite the rollercoaster lately! After hitting a record high above $124,100, it’s settled around $118,000. But where does it go from here?
Important Support Levels to Watch
A crypto analyst, Ali Martinez, has identified some key price points that could determine Bitcoin’s next move. He used a metric called cost-basis distribution (CBD) to pinpoint these levels. The CBD shows where most investors bought their Bitcoin. The heatmap shows significant clusters around:
- $117,500: Around 72,900 Bitcoins were bought near this price.
- $114,500: About 56,201 Bitcoins were acquired around this level.
These levels are important because investors who bought around these prices are likely to buy more Bitcoin if the price drops to their original purchase price, preventing a big drop. Think of it as a safety net.
What Happens If Bitcoin Breaks Below Support?
If Bitcoin falls below $114,500, there’s not much in the way of further support, meaning a significant price correction could occur.
Bitcoin’s Current Status
At the time of writing, Bitcoin is trading around $117,600, showing little movement in the last 24 hours. Over the past week, it’s only increased by a small 0.7%. The market seems pretty uncertain right now.
