Expert Ali Martinez explained the significance of the $96,870 level for the BTC rate
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Johny Smith
2024/12/22
3 mins read
Renowned analyst and trader Ali Martinez noted that a key support zone for Bitcoin (BTC) is at $96,870. According to Into The Block, 1.45 million addresses purchased 1.42 million BTC in this area. The average purchase price was $96,869. This support zone is of great importance for the market. As long as it holds, the likelihood of further growth remains high. Bitcoin is currently trading at $97,954, which is above the specified range.
According to the expert, the data shows that 96.88% of addresses are now in the black. This creates confidence among long-term holders. At the same time, 67.73 thousand remain “at a loss” for those who bought them at higher levels. The researcher emphasized that such support zones serve as a guide for traders and confirm the stability of the market in the face of price fluctuations.
“The In/Out of the Money indicator indicates a strong concentration of volumes in the range from $95,043 to $97,899. This corridor has become an area of interest for large traders, which helps stabilize the price,” Martinez said. He noted that while support at $96,870 remains, selling pressure is minimal. This gives signals for a bullish mood.
The expert noted that if the level of support is violated, BTC rate may roll back to levels below $95,000. Such a scenario could lead to increased activity by sellers and a temporary loss of interest on the part of traders. However, given the activity of large addresses, the likelihood of a significant drop remains low.
According to Martinez, if the level of $96,870 is maintained, Bitcoin has the potential to test new price highs. Given the growing interest in spot ETFs and the influx of institutional investment, the bullish trend may continue. Levels such as $100,000 are considered not only psychological barriers, but also a benchmark for large capitals.
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