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Strong Bitcoin price support to watch for next week

Strong Bitcoin price support to watch for next week

Bitcoin (BTC) has lost a supposedly strong price support by the end of the week, trading below $69,000. Now, cryptocurrency traders look for the next Bitcoin price support levels to watch in the charts moving forward.

Previously, the $69,000 had constituted a significant resistance level for the leading cryptocurrency, marking a cycle’s top in 2021. This price set an all-time high for Bitcoin back then, which was challenged and briefly broken on March 9.

One week later, BTC retraced below what traders would expect to become a strong support level, raising the possibility that its previous breakout was actually a deviation—or what is known as a “false breakout.”

Bitcoin’s support and resistance levels

In this context, the expert trader Ali Martinez shared what he believes is Bitcoin’s next support and resistance levels.

Particularly, mentioning the $64,750 to $66,700 range as a first support zone, followed by the range between $60,760 and $62,790, if the first one is lost. On the other hand, Martinez considers the $70,180 to $71,340 range as Bitcoin’s current resistance level.

“Bitcoin has established a solid support range between $64,750 and $66,700, where 382,000 addresses hold more than 275,000 $BTC. Monitoring this level closely is crucial, as losing it could shift the focus to the next significant demand zone between $60,760 and $62,790, safeguarded by 797,500 addresses with over 298,000 BTC.

Conversely, Bitcoin faces tough resistance between $70,180 and $71,340. This barrier is fortified by 533,300 addresses, collectively holding 433,000 BTC.”

Ali Martinez (@ali_charts on X)
Bitcoin support and resistance levels. Source: Ali Martinez (@ali_charts on X

BTC price analysis

As of writing, Bitcoin price was trading at $67,884, below 2021’s all-time high, after what could have been a deviation above.

Interestingly, BTC is also above Ali Martinez’s first support level at $64,750-$66,700. Breaking this region would lead Bitcoin to crash toward the next zone of $60,760-$62,790. Together, both have over 1 million addresses of holders with interest in these ranges.

BTC/USD daily chart. Source: TradingView (Finbold)

However, a technical analysis reported by Finbold suggests BTC could make new highs before this month ends.

In the meantime, investors must trade carefully and properly evaluate the risk-reward in each Bitcoin’s support and resistance level now. Cryptocurrencies are highly volatile and unpredictable assets, requiring proper risk management and solid strategies to navigate.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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