As the cryptocurrency sector has opened the week on a bullish note, its representative asset, Bitcoin (BTC), is leading the charge, with the potential to further the rally if it holds a crucial demand wall where its most significant support area currently lies.
Specifically, 1.45 million addresses have bought over 700,000 BTC at the price between $27,170 and $27,970, which now represents the most significant support wall underneath Bitcoin, according to the information retrieved from cryptocurrency analytics platform IntoTheBlock and shared by crypto expert Ali Martinez on May 28.
Indeed, the graphic that Martinez posted shows that 1.45 million addresses had purchased 700,220 BTC at the minimum price of $27,167.61 and the maximum price of $27,976.56 (average of $27,678.83). As the crypto trading analyst explained:
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“If this demand wall holds, notice that BTC faces little to no resistance to advance further.”
Bitcoin price analysis
As things stand, the flagship decentralized finance (DeFi) is currently trading at the price of $27,912, which represents a 2.74% gain in the last 24 hours and an increase of 3.92% over the previous seven days, as it begins to reverse its monthly losses that stand at 4.86%, as per data retrieved on May 29.
In fact, Bitcoin is already close to the upper end of the support demand wall shared by Martinez after having broken resistance at $27,600 and immediately testing the next resistance at $28,240, which another crypto specialist, Matthew Hyland, stressed would lead to a significant upside.
Meanwhile, Bitcoin is becoming an increasingly important political issue, as a Twitter poll initiated by MicroStrategy’s executive chairman Michael Saylor has demonstrated that the overwhelming majority of voters want presidential candidates to support the “right to Bitcoin,” as Finbold reported on May 28.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
