{"id":605853,"date":"2024-04-30T18:00:01","date_gmt":"2024-04-30T18:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=605853"},"modified":"2024-06-11T06:58:42","modified_gmt":"2024-06-11T06:58:42","slug":"59800-important-level-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/59800-important-level-bitcoin\/","title":{"rendered":"Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Crypto analyst Ali Martinez has provided insights into why <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-fell-below-58000\/#:~:text=What%20A%20Drop%20Below%20%2458%2C000,for%20the%20flagship%20crypto%20token.\"><span style=\"font-weight: 400\">$59,800 is a crucial price level<\/span><\/a><span style=\"font-weight: 400\"> for the Bitcoin future trajectory. The analyst revealed two things that could happen if the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-analyst-upside-btc-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">flagship crypto<\/span><\/a><span style=\"font-weight: 400\"> drops that low.\u00a0<\/span><\/p>\n<h2>Why $59,800 Is An Important Level For Bitcoin<\/h2>\n<p><span style=\"font-weight: 400\">Martinez mentioned in an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/02167196\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> that the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-short-term-holders-4-5-profits-nov-2021\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin short-term holder\u2019s (STH)<\/span><\/a><span style=\"font-weight: 400\"> realized price is at $59,800. He added that BTC historically often bounces off this level during an uptrend, which would mean that the flagship crypto could experience a massive pump if it were to drop to that price level.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-605856 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-59800.png?w=460&#038;resize=537%2C301\" alt=\"Bitcoin $59,800\" width=\"537\" height=\"301\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-59800.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin-59800.png?w=460 460w\" sizes=\"auto, (max-width: 537px) 100vw, 537px\"><\/p>\n<pre style=\"text-align: center\">Source: Glassnode<\/pre>\n<p><span style=\"font-weight: 400\">However, Martinez also warned of what could happen if Bitcoin fails to experience this bounce, noting that a fall below this level could \u201ctrigger notable Bitcoin price corrections.\u201d Although the crypto analyst didn\u2019t mention how low Bitcoin could drop, his choice of words suggests that a <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-prediction-to-42000\/#:~:text=Crypto%20analyst%20DonAlt%20has%20outlined,continuation%20of%20BTC's%20bull%20run.\"><span style=\"font-weight: 400\">price breakdown<\/span><\/a><span style=\"font-weight: 400\"> for the crypto token could be severe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">STH is an important metric that measures the average price at which Bitcoin short-term investors bought the crypto token. A drop to that level suggests that these short-term investors have realized their profits, which leaves room for Bitcoin to make another run following this wave of sell-offs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, as Martinez warned, Bitcoin could drop further if it fails to establish support at that level. This brings crypto analyst DonAlt\u2019s <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-prediction-to-42000\/#:~:text=Crypto%20analyst%20DonAlt%20has%20outlined,continuation%20of%20BTC's%20bull%20run.\"><span style=\"font-weight: 400\">recent prediction<\/span><\/a><span style=\"font-weight: 400\"> into context. He hinted that BTC could fall between $52,000 and $47,000 if it eventually breaks the $60,000 support level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Martinez also drew the crypto community\u2019s attention to the $61,900 mark, which he <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/54828828\" rel=\"nofollow\"><span style=\"font-weight: 400\">remarked<\/span><\/a><span style=\"font-weight: 400\"> has \u201cconsistently been a crucial support level for Bitcoin.\u201d He further claimed that BTC could rise to as high as $71,000 if it continues to hold above that level.\u00a0<\/span><\/p>\n<h2>Is The BTC Top In?<\/h2>\n<p><span style=\"font-weight: 400\">In a more recent <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/02042894\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\">, Martinez gave his opinion on whether or not Bitcoin has reached its <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">market top<\/span><\/a><span style=\"font-weight: 400\">. He tried to analyze it from both sides of the divide. First, he noted that a spike in BTC&#8217;s realized profits has \u201chistorically coincided with market tops.\u201d He then revealed that Bitcoin\u2019s realized profits skyrocketed to $3.52 billion when it hit $73,880 last month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This would suggest that the market top was indeed in. However, Martinez added that he was waiting for another confirmation before confidently claiming that the market top is in. He claims that this confirmation will come if BTC<\/span><span style=\"font-weight: 400\">\u00a0achieves a sustained close below the short-term realized price, currently around $59,800.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, he further stated that this market top theory could be invalidated if Bitcoin surges above $66,250 and claims this area as support. Bitcoin rising above that price level will help it gain the strength it needs to <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">move towards $69,150<\/span><\/a><span style=\"font-weight: 400\">. If BTC eventually breaches that resistance level, Martinez claimed it could advance to a <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">new all-time high<\/span><\/a><span style=\"font-weight: 400\"> (ATH) of $92,190.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $62,300, down in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/jzAhw0AV\/\" alt=\"Bitcoinprice chart from Tradingview.com\n\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price falls to $60,800 | source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Coinpedia, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto analyst Ali Martinez has provided insights into why $59,800 is a crucial price level for the Bitcoin future trajectory. The analyst revealed two things that could happen if the flagship crypto drops that low.\u00a0 Why $59,800 Is An Important Level For Bitcoin Martinez mentioned in an X (formerly Twitter) post that the Bitcoin short-term holder\u2019s (STH) realized price is at $59,800. He added that BTC historically often bounces off this level during an uptrend, which would mean that the flagship crypto could experience a massive pump if it were to drop to that price level. Source: Glassnode However, Martinez also warned of what could happen if Bitcoin fails to experience this bounce, noting that a fall below this level could \u201ctrigger notable Bitcoin price corrections.\u201d Although the crypto analyst didn\u2019t mention how low Bitcoin could drop, his choice of words suggests that a price breakdown for the crypto token could be severe.\u00a0 STH is an important metric that measures the average price at which Bitcoin short-term investors bought the crypto token. A drop to that level suggests that these short-term investors have realized their profits, which leaves room for Bitcoin to make another run following this wave of sell-offs.\u00a0 On the other hand, as Martinez warned, Bitcoin could drop further if it fails to establish support at that level. This brings crypto analyst DonAlt\u2019s recent prediction into context. He hinted that BTC could fall between $52,000 and $47,000 if it eventually breaks the $60,000 support level.\u00a0 Meanwhile, Martinez also drew the crypto community\u2019s attention to the $61,900 mark, which he remarked has \u201cconsistently been a crucial support level for Bitcoin.\u201d He further claimed that BTC could rise to as high as $71,000 if it continues to hold above that level.\u00a0 Is The BTC Top In? In a more recent X post, Martinez gave his opinion on whether or not Bitcoin has reached its market top. He tried to analyze it from both sides of the divide. First, he noted that a spike in BTC&#8217;s realized profits has \u201chistorically coincided with market tops.\u201d He then revealed that Bitcoin\u2019s realized profits skyrocketed to $3.52 billion when it hit $73,880 last month.\u00a0 This would suggest that the market top was indeed in. However, Martinez added that he was waiting for another confirmation before confidently claiming that the market top is in. He claims that this confirmation will come if BTC\u00a0achieves a sustained close below the short-term realized price, currently around $59,800.\u00a0 Meanwhile, he further stated that this market top theory could be invalidated if Bitcoin surges above $66,250 and claims this area as support. Bitcoin rising above that price level will help it gain the strength it needs to move towards $69,150. If BTC eventually breaches that resistance level, Martinez claimed it could advance to a new all-time high (ATH) of $92,190.\u00a0 At the time of writing, Bitcoin is trading at around $62,300, down in the last 24 hours, according to data from CoinMarketCap. BTC price falls to $60,800 | source: BTCUSD on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":605861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-605853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin<\/title>\n<meta name=\"description\" content=\"Crypto analyst Ali Martinez has provided insights into why $59,800 is a 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