Bitcoin Price Surges After Federal Reserve Chairman’s Speech
Recently, the price of Bitcoin has shown promising growth amidst a stagnant market. Following a surprise rally on Friday, the premier cryptocurrency surpassed the $64,000 mark once again with a nearly 7% surge. Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole seems to have injected positivity into the market. The question now is how high can Bitcoin climb amid this momentum?
Key Level Analysis For Bitcoin: Why $66,250 Matters
Renowned crypto analyst Ali Martinez has highlighted an essential factor for Bitcoin’s price movement in the coming days. The Glassnode “UTXO Realized Price Distribution” (URPD) metric plays a crucial role in determining support and resistance levels based on the amount of coins purchased at specific price levels.
- The cost basis of an investor reflects the original price at which they bought a coin.
- Support zones are price levels with significant buying activity below the current spot value.
- Resistance areas are levels above the current price where selling pressure may increase.
Analysis shows that a substantial amount of Bitcoin was bought around the $66,250 mark, indicating potential support. The absence of major resistance above this level suggests a clear path for the cryptocurrency’s price to rise further.
Current Bitcoin Price Movement
Presently, Bitcoin is trading around $64,000, marking a notable 7% daily increase. This positive momentum has also translated to a nearly 10% surge over the past week. The market is closely watching to see if Bitcoin can sustain this upward trend and break past key levels in the near future.
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