Bitcoin has been a bit sleepy lately, but it woke up with a bang on Friday! After a slow week, the price of Bitcoin jumped by almost 7%, pushing it back above $64,000. This surge seems to have been sparked by Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole economic symposium.
A Key Resistance Level to Watch
Now, everyone’s wondering: how high can Bitcoin go? Crypto analyst Ali Martinez thinks we should keep an eye on $66,250.
He’s using a tool called the “UTXO Realized Price Distribution” (URPD) to figure this out. Basically, the URPD tells us how many Bitcoins were bought at different price levels.
- Support: If a lot of Bitcoins were bought at a price below the current price, that price level is likely to act as support for the price.
- Resistance: If a lot of Bitcoins were bought at a price above the current price, that price level is likely to act as resistance.
The URPD chart shows that there’s a lot of Bitcoin held at $66,250. This means it could be a tough hurdle for Bitcoin to overcome.
Bitcoin’s Recent History
The last time Bitcoin climbed above $66,250, it went all the way up to $70,000 before hitting some resistance. This time, there’s no major resistance wall above $66,250, so it could go even higher.
Bitcoin’s Current Status
As of right now, Bitcoin is trading around $64,000. It’s up almost 7% in the last 24 hours and nearly 10% in the past week.
