Bitcoin Jumps Above $86K, but Will It Stay There?
After falling below $80,000 last week, Bitcoin has bounced back, rising over 7.5% in the past two days to trade above $86,000. But despite this recovery, crypto expert Ali Martinez has pointed out an important price level that could decide what happens next.
Bitcoin’s Key Support at $83,440 – A Drop Below Could Be Trouble
In a post on X (formerly Twitter) on Saturday, Martinez shared that $83,440 is a critical support level for Bitcoin. He used a tool called UTXO Realized Price Distribution (URPD) to find this level.
URPD is a way to track where Bitcoin was last bought and sold. It shows which price levels had the most trading activity. If a lot of Bitcoin was bought at a certain price, that price becomes a strong support level.
Right now, $83,440 is one of those key levels. If Bitcoin stays above it, the price could remain stable. But if it drops below, the market might see another big fall.
Bitcoin’s Strong Support at $83,440 – Will It Hold?
Crypto expert Ali Martinez looked at data from Glassnode and found that investors bought 171,693 BTC at $83,440, making this a strong support level. This means if Bitcoin’s price drops to this point again, many buyers might step in to push it back up.
However, there’s a weak spot between $72,000 and $82,000, where very few Bitcoin trades have happened. If Bitcoin falls below $83,440, there may not be enough buyers to stop it from dropping even more.
Can Bitcoin Go Higher?
Martinez also pointed out a hopeful sign for Bitcoin. In the past, whenever Bitcoin’s Relative Strength Index (RSI) fell below 30, the price usually bounced back. If that happens again, Bitcoin could go up even more.
Bitcoin May Bounce Back Soon
The Relative Strength Index (RSI) is a tool that shows if an asset is overbought (too expensive) or oversold (too cheap). If the RSI is above 70, it means the price might drop soon. If it’s below 30, it means the price could go up.
Crypto expert Ali Martinez says Bitcoin’s RSI recently dropped to 24, meaning it’s in the oversold zone. In the past, whenever this happened, Bitcoin’s price usually went back up. So, there’s a chance it could rise again.
Bitcoin’s Current Price
Right now, Bitcoin is trading at $86,383, up 2.32% in the last 24 hours. But even with this small recovery, it’s still 21.02% below its highest price of $109,114.
