Zinger Key Points
- Crypto technical analyst Ali Martinez identifies resistance before $74,400, while another sees the price breaking $70,000.
- Bitcoin is trading 2% higher, taking 97% of its holders to profit levels and 3% at breakeven.
- Benzinga shares with you top insiders news
Bitcoin BTC/USD has broken the $69,000 mark in Monday morning trading, prompting traders to predict further upward momentum for the crypto king.
What Happened: On Monday, prominent cryptocurrency analyst Ali Martinez shared his views on Bitcoin’s potential breakout, noting the apex crypto appears to be breaking out from a symmetrical triangle pattern.
Martinez emphasized the importance of Bitcoin closing above the $69,330 resistance level to potentially reach $74,400.
Another notable analyst, Michael van de Poppe, highlighted that Bitcoin needs to break the $70,000 mark for "serious upward momentum." He also noticed altcoins breaking out in a stronger manner than Bitcoin.
IntoTheBlock pointed out that Bitcoin remains steady around $69,000, supported by a significant demand zone between $66,900 and $68,900. Over two million addresses in this range have accumulated 1.1 million BTC, indicating substantial interest and activity among traders. It also noted a 36.3% increase in large transaction volume, with 97% of Bitcoin holders in profit at current prices.
Price Action: In the past 24 hours, BTC is trading 2.5% higher at $69,134, taking its monthly gains to 16.5%.
Why It Matters: Martinez’s analysis comes at a crucial time for Bitcoin investors. The potential breakout above the $69,330 resistance level could signal a significant price increase, attracting more traders and investors to the cryptocurrency market.
The strong performance of altcoins, as noted by van de Poppe, could shift investor focus from Bitcoin to other cryptocurrencies, diversifying investment portfolios and potentially driving up the prices of altcoins.
Understanding the demand zone between $66,900 and $68,900 is essential for traders, as it represents a critical level of interest and activity. This information can help investors make informed decisions regarding their Bitcoin investments.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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