{"id":652406,"date":"2024-11-10T12:30:00","date_gmt":"2024-11-10T12:30:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=652406"},"modified":"2024-11-10T10:03:40","modified_gmt":"2024-11-10T10:03:40","slug":"analyst-reveals-bitcoin-key-support-levels-for-reaccumulation-details","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/analyst-reveals-bitcoin-key-support-levels-for-reaccumulation-details\/","title":{"rendered":"Analyst Reveals Bitcoin Key Support Levels For Reaccumulation\u00a0&#8211;\u00a0Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The price of Bitcoin showed a highly positive reaction to Donald Trump\u2019s emergence as the next US President, gaining by 9.62% in the past week according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>.\u00a0<\/span><span style=\"font-weight: 400\">Amidst this price rally, Bitcoin established a new all-time high at $77,252 on November 8 but has since retraced by over 0.5%. <\/span><span style=\"font-weight: 400\">Commenting on the asset\u2019s potential next movements, analyst Ali Martinez postulates BTC may be set for significant corrections which may present opportunities for reaccumulation.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-stock-flow-model-100000\/https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-stock-flow-model-100000\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000<\/a><\/div>\n<h2><strong>Bitcoin Likely To Fall To $69,000 &#8211; Here\u2019s How<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In an<a href=\"https:\/\/x.com\/ali_charts\/status\/01981251\" target=\"_blank\" rel=\"noopener nofollow\"> X post on November 9<\/a>, Martinez predicted that Bitcoin may finally record some significant price pullback, after days of bullish uptrend triggered by US election results and the Federal Reserve&#8217;s latest decision to initiate a 25 bps rate cut.<\/span><\/p>\n<p>Following the premier cryptocurrency\u2019s descent from above $77,000, Martinez explains the price movement indicates a fall from a rising wedge which is a chart pattern that signals a potential reversal in an uptrend due to converging highs and lows. If this signal holds, the popular crypto analyst predicts Bitcoin could fall to around $73,900. Albeit, intense selling pressure could cause a further decline to $71,500, with $69,000 emerging as a strong support level in a worst-case scenario.<\/p>\n<figure id=\"attachment_652407\" aria-describedby=\"caption-attachment-652407\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-652407 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=860&#038;resize=860%2C606\" alt=\"Bitcoin\" width=\"860\" height=\"606\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=2258 2258w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=120 120w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Gb82ajHXcAASc8-.jpeg?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-652407\" class=\"wp-caption-text\">Source: ali_charts on X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Interestingly, Ali Martinez shares he has set buy orders at all these support regions as any potential price recorrection by Bitcoin presents a good opportunity for massive purchases at lower prices. <\/span><span style=\"font-weight: 400\">This trading strategy emerges from the general belief that the Bitcoin bull season is still in its early phase despite significant price rallies in the past few weeks. Analysts continue to postulate <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/cnbc-projects-bitcoin-could-hit-100000-before-presidential-inauguration-details\/\" target=\"_blank\" rel=\"noopener \">a six-figure price target<\/a> by the end of 2024, indicating potential for magnanimous price gains in the upcoming year.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/gold-chart-bitcoin-price-100000\/\" target=\"_blank\" rel=\"noopener \">Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000<\/a><\/div>\n<h2><strong>BTC Leverage Ratio Hits 2-Year High<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, <a href=\"https:\/\/x.com\/intotheblock\/status\/50263023\" target=\"_blank\" rel=\"noopener nofollow\">data from analytics firm IntoTheBlock<\/a> shows that the ratio of Bitcoin\u2019s Open Interest to its market cap is 5.93%, which is the highest value of this metric since the FTX collapse in November 2022.\u00a0<\/span><span style=\"font-weight: 400\">This development indicates that traders are holding a high level of leveraged positions, which can result in drastic volatility levels upon any minute price changes, thus adding to the growing sentiment around an incoming price correction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin exchanges hands at $76,740 following a 0.70% decline in the past 24 hours. Meanwhile, the assets trading volume is down by 44.63% and valued at $31.87 billion.\u00a0 <\/span><span style=\"font-weight: 400\">However, the maiden cryptocurrency continues to retain global headlines following its 27.76% price gain in the last month, resulting in a market cap value of $1.51 trillion.<\/span><\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/YJWzUN80\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $76,719 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Nairametrics, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin showed a highly positive reaction to Donald Trump\u2019s emergence as the next US President, gaining by 9.62% in the past week according to data from CoinMarketCap.\u00a0Amidst this price rally, Bitcoin established a new all-time high at $77,252 on November 8 but has since retraced by over 0.5%. Commenting on the asset\u2019s potential next movements, analyst Ali Martinez postulates BTC may be set for significant corrections which may present opportunities for reaccumulation. Related Reading: Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000 Bitcoin Likely To Fall To $69,000 &#8211; Here\u2019s How In an X post on November 9, Martinez predicted that Bitcoin may finally record some significant price pullback, after days of bullish uptrend triggered by US election results and the Federal Reserve&#8217;s latest decision to initiate a 25 bps rate cut. Following the premier cryptocurrency\u2019s descent from above $77,000, Martinez explains the price movement indicates a fall from a rising wedge which is a chart pattern that signals a potential reversal in an uptrend due to converging highs and lows. If this signal holds, the popular crypto analyst predicts Bitcoin could fall to around $73,900. Albeit, intense selling pressure could cause a further decline to $71,500, with $69,000 emerging as a strong support level in a worst-case scenario. Interestingly, Ali Martinez shares he has set buy orders at all these support regions as any potential price recorrection by Bitcoin presents a good opportunity for massive purchases at lower prices. This trading strategy emerges from the general belief that the Bitcoin bull season is still in its early phase despite significant price rallies in the past few weeks. Analysts continue to postulate a six-figure price target by the end of 2024, indicating potential for magnanimous price gains in the upcoming year. Related Reading: Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 BTC Leverage Ratio Hits 2-Year High In other news, data from analytics firm IntoTheBlock shows that the ratio of Bitcoin\u2019s Open Interest to its market cap is 5.93%, which is the highest value of this metric since the FTX collapse in November 2022.\u00a0This development indicates that traders are holding a high level of leveraged positions, which can result in drastic volatility levels upon any minute price changes, thus adding to the growing sentiment around an incoming price correction.\u00a0 At the time of writing, Bitcoin exchanges hands at $76,740 following a 0.70% decline in the past 24 hours. Meanwhile, the assets trading volume is down by 44.63% and valued at $31.87 billion.\u00a0 However, the maiden cryptocurrency continues to retain global headlines following its 27.76% price gain in the last month, resulting in a market cap value of $1.51 trillion. Featured image from Nairametrics, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":652410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,83982,89987,1144,78790],"class_list":["post-652406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-accumulation","tag-bitcoin-support-levels","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Analyst Reveals Bitcoin Key Support Levels For Re-accumulation\u00a0-\u00a0Details<\/title>\n<meta name=\"description\" content=\"Analyst Ali Martinez postulates Bitcoin may be set for significant corrections which may present opportunities for re-accumulation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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