The Bitcoin (BTC) market remains in a state of consolidation after yet another trading week without a definitive price breakout. As various analysts ponder the asset’s future movements, renowned market expert Ali Martinez has pinpointed two resistance zones that could be crucial for sparking a crypto bull run.
Bitcoin Needs to Surpass $85,470 and $92,950 – Here’s Why
Over the last month, Bitcoin has faced challenges in maintaining a sustained uptrend, with market uncertainty prevailing among investors. During this timeframe, the leading cryptocurrency has encountered several rejections, particularly at the resistance levels of $85,000 and $88,000. However, in a Friday post on X, Martinez highlighted two critical resistance zones for a potential Bitcoin bull rally, utilizing on-chain data from IntoTheBlock. According to the analyst, the first resistance zone is at $85,470, which represents the upper limit of a price barrier starting at $83,023. Significantly, 1.13 million wallet addresses have traded 607,200 BTC within this range, indicating robust historical activity that could lead to considerable selling pressure at this point.
If Bitcoin bulls can overcome this initial hurdle, the next resistance zone is positioned at $92,950 – the lower boundary of another price ceiling that stretches to $95,514. Compared to the initial resistance, this zone has experienced less investor activity, with 795,830 active wallet addresses. However, its potential market influence is notably higher, as approximately 627,410 BTC have been transacted within this range. If Bitcoin can clear both resistance zones, Ali Martinez believes the leading cryptocurrency could embark on a sustained uptrend and recommence its bull rally. Nevertheless, Bitcoin bulls must prevent a price drop below a significant support level at $80,450. According to the on-chain data, the $80,450 mark represents the lower boundary of a critical 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 data suggests considerable buying activity that could act as a cushion in the event of a price decline.
Bitcoin Fees Decline by 57%
In other news, IntoTheBlock has reported that Bitcoin network fees fell by 57.3% in the last week, signaling a dip in user engagement and overall investor activity. Despite this, the leading cryptocurrency experienced a minor price drop of just 0.11% during this time. Following the recent announcement of new U.S. tariffs on imports, Bitcoin and the wider crypto market have responded more favorably compared to earlier instances involving tariff-related news. Ryan Rasmussen, Head of Research at Bitwise Invest, highlights that Bitcoin has increased by 2.2% since the announcement on April 2. In contrast, traditional stock markets have faced significant losses, with the “Magnificent Seven” experiencing an average decline of 12.18%.
