Bitcoin Hinges On This Key Support Level, Says Analyst: 'Could Significantly Boost The Chances Of Reigniting The Bull Run'

Benzinga Neuro

April 16, 2024

Cryptocurrency analyst Ali Martinez has highlighted the critical support levels for Bitcoin (CRYPTO: BTC). This comes amid a period of volatility in the crypto market.

What Happened: Martinez took to X to share his insights on the current state of Bitcoin. He noted that the $62,000 level is a crucial support zone for the cryptocurrency. Should Bitcoin fail to maintain this level, the focus could shift to the next significant demand area, approximately $51,500.

On the other hand, Martinez also pointed out a potential trigger for a bullish trend. If Bitcoin manages to climb back above $66,250, it could significantly boost the chances of a resurgence in the market.

Ali in his post wrote, “According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500. Conversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run!”

According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.

Conversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! pic.twitter.com/20zwfktZkx
— Ali (@ali_charts) April 16, 2024

The UTXO Realized Price Distribution (URPD) illustrates the prices at which the current pool of Bitcoin Unspent Transaction Outputs (UTXOs) was generated. In simpler terms, each bar represents the quantity of Bitcoin that was last transacted within a particular price range, according to CryptoSlate.

See Also: ‘I’m Liquidated Again … Bye For Good:’ Mad Crypto Alpha With Ivan

Why It Matters: The cryptocurrency market has been experiencing significant fluctuations. Despite this, the long-term potential of Bitcoin has not been discounted. A recent report highlighted the historical performance of Bitcoin, which has been the top-performing asset in eight out of the last eleven years, delivering an annualized return of 124% from 2013 to 2023.

However, some experts have urged caution. A 10x Research report advised caution considering the sell-off ahead of the Bitcoin halving, suggesting that the recent drop, which occurred within a narrowing symmetrical triangle, could lead to a quick +/-10% follow-through.

Meanwhile, prominent cryptocurrency trader Altcoin Sherpa shared insights on Bitcoin’s potential trajectory, anticipating new all-time highs down the line for the crypto king.

Renowned crypto analyst Benjamin Cowen has also suggested that Bitcoin's recent 16% drop could potentially lead to a more significant decline, drawing parallels with previous market cycles.

Price Action: Bitcoin is currently trading at $64,053, marking a modest increase of 0.47% over the past 24 hours. Its year-to-date performance has been notably strong, with a remarkable gain of 45.01%, according to the data from Benzinga Pro.

Read Next: Peter Schiff Foresees Bitcoin’s ‘Biggest Crash Ever,’ Trump NFT Collection Sees Trading Volume Collapse And More

Image Via Shutterstock

Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

One Crypto Can Change Your Financial Life - Ad

"America's No. 1 Retirement Stock" (Name Inside) - Ad

NEW YORK (AP) — Macy's said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

Top 3 Tech Stocks That May Explode This Month

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.

A.I. Pioneer Warns: "I thought we had more time..."

A.I. Pioneer Warns: "I thought we had more time..." - Ad

A radical new A.I. development is about to blindside millions of Americans. This early A.I. pioneer just issued an urgent warning explaining everything.

Delta Flight Returns To Atlanta After Takeoff: Boeing 757 'Yawing Aggressively'

Delta Air Lines flight from Atlanta to Ft. Lauderdale diverted back to Atlanta due to Boeing 757 yawing aggressively.

Trump vs. Biden: Nationwide Poll Shows Key Issue Decidedly Tilts Equation In Favor Of One Candidate

Even though the economy has been relatively stable despite challenges, voters remain unconvinced about the Biden administration's performance.

Biden's Closed-Door AI Meeting

Biden's Closed-Door AI Meeting - Ad

Things are moving so fast, President Biden just met with 8 of the top AI experts in the world to figure out how to regulate it. And this small-cap is at the center of this AI-biotech revolution.

Hochul announces budget outline as lawmakers continue to hash out details

ALBANY, N.Y. (AP) — New York Gov. Kathy Hochul on Monday announced the framework of a $237 billion that includes broad plans to drive new housing construction, address the influx of migrants and crack down on .

Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. (NASDAQ:COIN), Palantir Technologies Inc. (NYSE:PLTR), and Nvidia Corp.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of 'Bodies Around Him': 'He Takes Out Everybody Who Is Loyal To Him'

Cassidy Hutchinson, a former aide to Donald Trump, publicly expressed her disapproval of the ex-president following the recent indictments of his associates in the Arizona fake electors scheme.

Atlantic City mayor: I'm committed to my family and city while dealing with daughter abuse charges

ATLANTIC CITY, N.J. (AP) — Atlantic City Mayor Marty Small said Thursday he remains committed to his family and to his city as he deals with charges that he and his wife

Your 2024 Election Money Blueprint

Your 2024 Election Money Blueprint - Ad

Voters are angrier than ever, and it's likely to keep getting worse. The media and Wall Street keep declaring how great the economy supposedly is... but no one -- besides the ultra-rich -- seems to feel that way. Protect yourself with this one simple move today.

EXCLUSIVE: How The Bitcoin Halving Could Transform The Market

The clock is ticking down to the next monumental event in the cryptocurrency world: the Bitcoin halving.

If O.J. Simpson's assets go to court, Goldman, Brown families could be first in line

LOS ANGELES (AP) — without having paid the lion’s share of the $33.5 million judgment a California civil jury awarded to the families of his ex-wife Nicole Brown Simpson and her friend .

Has Jeff Bezos Found the Next Nvidia?

Has Jeff Bezos Found the Next Nvidia? - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Germany's Scholz calls for fair competition and warns against dumping during China visit

BEIJING (AP) — German Chancellor Olaf Scholz called for fair competition in trade relations with China while warning about dumping and overproduction as he spoke to students in Shanghai on Monday.

Top 3 Financial Stocks That Are Ticking Portfolio Bombs

As of April 11, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

The No. 1 AI Stock of 2024 (Not Nvidia)

The No. 1 AI Stock of 2024 (Not Nvidia) - Ad

It's not Nvidia, Meta Platforms, Alphabet, or Amazon. But thanks to a recent major deal, an under-the-radar stock could become the No. 1 winner of the AI boom. "This company just teamed up with one of the biggest power players in the AI industry... yet you can still buy it for just one-twelfth the price of Nvidia -- the time to buy is NOW," says Marc Chaikin.

The world's largest 3D printer is at a university in Maine. It just unveiled an even bigger one

ORONO, Maine (AP) — The world’s largest 3D printer has created a house that can cut construction time and labor. An even larger printer unveiled on Tuesday may one day create entire neighborhoods.

Netflix Stock Sized Up By 7 Analysts Post Q1 Results: 'Pivot From A High-Growth, Low-Profit Business To A Slow-Growth, High-Profit Business'

Streaming leader Netflix reported first quarter financial results that were higher than estimates. The company's outlook and decision to stop reporting subscriber figures are weighing on analysts.

See This Before This Week's Fed Meeting

See This Before This Week's Fed Meeting - Ad

Thousands of investing ideas come across his desk every year... But Doc Eifrig just revealed THIS ONE "will go down as one of the smartest and most lucrative financial moves of the decade." (Last time we shared this, it led to a 995% gain.)

Over $1M Bet On This Consumer Cyclical Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed lower on Friday, there were a few notable insider trades.

General Motors And Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks

General Motors (NYSE: GM) and Ford Motor (NYSE: F) will report their first quarter results next week.

Savvy Investors Notice "Wonder Metal" in iPhone

Savvy Investors Notice "Wonder Metal" in iPhone - Ad

Apple has made use of this unique metal extensively in the new iPhone describing it as having "one of the best strength-to-weight ratios of any metal". It's not just Apple though, with applications in aerospace, defense, and medical devices, titanium has become essential...Unfortunately, 90% of the supply is controlled by adversarial nations meaning a supply disruption would have paralyzing effects on daily life in the US.

Oil sprays from an ANA flight carrying 213 people as it lands in northern Japan

TOKYO (AP) — Oil sprayed from an All Nippon Airways plane as it landed Wednesday at Shin Chitose airport in northern Japan, but none of the 213 people on board was injured, officials said.

Elon Musk Gets Fresh Challenge In His X Plans As Naval's Airchat App Begins Making Buzz

AngelList co-founder Naval Ravikant has launched a new social media app called Airchat, to take on Elon Musk's hate speech-inundated X.

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software"

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software" - Ad

Denver firm proves its possible to use AI to save the lives of soldiers in combat. England, Germany, Japan and Australia have all signed contracts within the past 18 months.

North Carolina governor to welcome historic visitor at mansion: Japan's Prime Minister Kishida

RALEIGH, N.C. (AP) — After spending a few days in Washington , Japanese Prime Minister Fumio Kishida is set to tour around North Carolina on Friday to spotlight a different interest: his nation's title as the state's biggest foreign investor.

Elon Musk's The Boring Company Faces Violations Over Las Vegas Tunnel Expansion For Endangering Monorail: Report

Elon Musk's The Boring Company has been issued multiple violations by Clark County for its Las Vegas tunnel expansion project.

The Next Nvidia?

The Next Nvidia? - Ad

Retail sales up a strong 0.7% in March from February, underscoring the resiliency of the US consumer

NEW YORK (AP) — Americans increased their spending pace in March at a better-than-expected pace the previous month, , underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.

Why Windtree Therapeutics (WINT) Stock Is Getting Hammered

Windtree Therapeutics shares are trading lower by 30% during Thursday's session. The company announced it approved a 1-for-18 reverse stock split of its common stock.

The A.I. Story Nobody is Telling You (Read ASAP)

The A.I. Story Nobody is Telling You (Read ASAP) - Ad

There's been a lot of buzz surrounding A.I. over the past couple of years -- but there's only ONE story you should be worried about. Whether you have $500 or $500,000, this radical new A.I. Innovation will have a direct impact on your wealth.

More cows are being tested and tracked for bird flu. Here's what that means

U.S. health and agriculture officials are and tracking of bird flu in dairy cows in an urgent effort to understand — and stop — the growing outbreak.

New Jersey seeks fourth round of offshore wind farm proposals as foes push back

LONG BEACH TOWNSHIP, N.J. (AP) — New Jersey is seeking a new round of proposals to build wind energy farms off its coastline, forging ahead with its clean energy goals even as local opposition and challenging economics create blowback to the effort.

NOT Bitcoin or Options... But Already Making Folks Rich in 2024

NOT Bitcoin or Options... But Already Making Folks Rich in 2024 - Ad

Former Goldman Sachs Trader Dr. David Eifrig just stepped forward with a way to protect your money this November -- no matter who wins the presidential seat. In fact, election chaos will likely make this even better. It's a "secret" of the rich and connected that 99% of folks don't know about...

Last call for dry towns? New York weighs lifting post-Prohibition law that let towns keep booze bans

ALBANY, N.Y. (AP) — New York towns and villages that have post-Prohibition bans on alcohol sales would be forced to lift such restrictions under a bill moving through the Legislature.

Enterprise Products Q1 Bottom-Line Misses By A Whisker: Details

EPD's Q1 2024 sales grew 18.6% YoY to $14.76B, beating consensus. Adjusted EBITDA rose to $2.47B, but EPS missed. Company expects $3.25-3.75B organic growth investment and $550M sustaining capex in 2024.

Shhh! This Is One Great Coin...

Shhh! This Is One Great Coin... - Ad

Shhh! I truly believe this crypto could be one of the top earning cryptos of all time... In fact, in the coming bull run... this one coin could have the potential to bank 10x... 50x... and even 100x.

EU releases blocked funds of $6.7 billion to Poland as part of its post-pandemic recovery package

WARSAW, Poland (AP) — disbursed 6.3 billion euros (about $6.7 billion) to Poland as a part of the 27-nation bloc's post-pandemic recovery fund, the biggest single transfer ever to the country, a government minister said Monday.

Trending Now

FBI Chief To Warn Congress Of Potential Coordinated Attack In US Similar To Russia Massacre: 'Threats To Our Public Safety And National Security...So Elevated'

Chinese Embassy Condemns Proposed U.S. Tariffs As Examples Of Unilateralism And Protectionism, As Biden Seeks To Court Critical Voters

CRITICAL May 1st Warning - Ad

'Buying Votes' With Other People's Money, Says Elon Musk, As Biden Announces Additional Student Loan Forgiveness; Bill Ackman Calls It 'Illegal'

Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll â€” What That Means For Former President's Election Chances