The Bitcoin (BTC) market remains in a state of consolidation after yet another week of trading with no persuasive price surge. As various analysts continue to theorize about the asset’s forthcoming movements, noted market analyst Ali Martinez has pinpointed two resistance zones that could play a crucial role in reigniting a crypto bull run.
Bitcoin Needs to Surge Over $85,470 and $92,950 – Here’s the Reason
In the last month, Bitcoin has faced difficulty in sustaining a consistent upward trend, with investor trepidation influencing the market. During this timeframe, the leading cryptocurrency has encountered several rejections, particularly at the $85,000 and $88,000 resistance thresholds. However, in an X post on Friday, Martinez highlighted the two resistance thresholds critical for a Bitcoin bull rally utilizing on-chain insights from IntoTheBlock.
As per the crypto analyst, the initial resistance is set at $85,470, marking the upper limit of a price barrier that commences at $83,023. Significantly, 1.13 million wallet addresses have engaged in trading 607,200 BTC within this price range, indicating robust historical activity that supports potential substantial selling pressure at these levels.
If Bitcoin bulls manage to surpass this initial hurdle, the subsequent resistance zone can be found at $92,950 – the lower boundary of yet another price ceiling that extends to $95,514. In comparison to the first resistance zone, this area has witnessed lesser investor involvement, with 795,830 active wallet addresses. Nonetheless, its possible market influence is more pronounced, with around 627,410 BTC traded within this range.
Should Bitcoin successfully surpass both resistance zones, Ali Martinez theorizes that the leading cryptocurrency could enter a prolonged upward trend and continue its bull rally. However, Bitcoin bulls must prevent any price decline below an essential support zone at the $80,450 price point.
As indicated by the on-chain data presented, the $80,450 price point serves as the lower limit of a significant support zone, extending up to $82,907. Within this range, about 516,770 BTC have been exchanged, involving approximately 738,580 active wallet addresses. This information suggests considerable buying activity that could act as a cushion in the event of a price drop.
Bitcoin Fees Decrease By 57%
In additional news, IntoThe Block also reports that fees on the Bitcoin network plummeted by 57.3% over the past week, suggesting a reduction in user engagement and overall investor activity. Notably, the leading cryptocurrency has only experienced a slight decline of 0.11% in price during this timeframe.
Following the recent announcement regarding new US tariffs on imports, Bitcoin and the overall crypto market have reacted more favorably compared to previous tariff-related news. Ryan Rasmussen, Head of Research at Bitwise Invest, observes that Bitcoin has increased by 2.2% since the announcement on April 2. In contrast, traditional stock markets have experienced significant losses, with the “Magnificent Seven” declining by an average of 12.18%.
