The crypto community has been waiting patiently for Bitcoin (BTC() to make your next move based upon consolidation in the $20,000 area.
Ali Martinez, market analyst believes that Bitocin needs to move through a support zone of $19.1 to $19.7K or resistance at $20.9K. Martinez explained:
“Bitcoin sits on an important demand wall between $19,150 and $19,700 where 575,000 addresses hold more than 375,000 BTC. Notice that BTC is facing stiff resistance at $20,000. One of these levels must give in to trigger a major price movement.”
According to Bloomberg, the most popular cryptocurrency hovered around $19,870 during intraday trades. CoinMarketCap.
Martinez suggested that BTC might have fallen below the 100 hour MA after Martinez noted that it could have been triggered by a downswing. said:
“Bitcoin dipped below the 100-hour MA, triggering a downswing to $19,900. If this level fails to hold BTC, the losses can extend toward $19,300 or even $18,630.”
Source: AliMartinezMichael van de Poppe, a crypto analyst, echoed similar sentiments and suggested that Bitcoin should be held at $19,500 to prevent further decline.
Glassnode recently released a comprehensive report that highlighted that Bitcoin is not yet out of the woods. This was because it took longer to form a resilient bottom due to the fact that long-term holders (LTHs) had to primarily transfer the loss share of Bitcoin.
Market insight provider:
“This indicates that while many bottom formation signals are in place, the market still requires an element of duration and time pain to establish a resilient bottom.”
The Bitcoin Lightning Network continues its climb after this. hitting A new all-time high (ATH), of over 4,200 BTC.
The growth witnessed on the Lightning Network is happening amid Bitcoin’s price being on shaky grounds, suggesting that the development for adoption is taking shape even if the price falls.
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