Bitcoin’s price recently bounced back towards $87,000, getting investors excited. But the rally stalled, and the price dipped to around $85,000. So, where’s the next big support level?
Identifying Bitcoin’s Key Support Zone
After some market wobbles, Bitcoin is showing signs of recovery. BorisVest, a crypto expert and trader, pinpointed a crucial support zone that could be key to Bitcoin’s future. According to a CryptoQuant post, this zone sits between $65,000 and $71,000.
This range acts as a solid base, potentially preventing further price drops. BorisVest points to two key metrics:
- Active Realized Price: This is around $71,000 and ignores older, inactive coins, giving a better picture of current market activity.
- True Market Mean Price:
This sits at $65,000 and provides a more conservative estimate of support.
The area between these two prices ($65,000 – $71,000) is the identified strong support zone. BorisVest believes buying Bitcoin in this range could lead to significant long-term profits, anticipating a major rally and a new all-time high before this cycle ends.
If the price falls to this zone, weaker investors might sell, but stronger ones will likely buy more, positioning themselves for big gains when the price rises again.
Bitcoin’s Market Value on the Rise
Bitcoin is showing positive signs as bullish momentum slowly builds. Santiment, a crypto data platform, reported a small increase in Bitcoin’s market value after a recent attempt to reach higher prices. The price climbed back to $87,300, while other cryptocurrencies (altcoins) lagged behind.
This shows Bitcoin is stabilizing, and traders are watching closely for a sustained recovery. However, despite Bitcoin’s slight price increase (+0.2% in the last week), the overall crypto market cap is still down about 7%.
