Bitcoin’s price surge on Wednesday to the $87,000 threshold has reignited bullish sentiment in the market. However, the flagship asset’s renewed upward strength has briefly weakened, dropping to the $85,000 level. During this slight movement, a key strong support zone was identified during BTC’s recent journey.
Next Strong Support Zone For Bitcoin Identified
Following recent market instability, Bitcoin is beginning to show indications of a slow recovery and stability. On-chain expert and trader BorisVest has identified a significant support zone that could be crucial to BTC’s future performance.
In the CryptoQuant quicktake post, the expert points to a strong support zone between the $65,000 and $71,000 price range. The identified support zone seems to be acting as a critical foundation for bullish momentum, potentially preventing further downside risk.
The on-chain expert highlighted that BTC market dynamics indicate that the Active Realized Price is around the $71,000 mark. Interestingly, this crucial level excludes long-dormant coins and helps traders establish a support level based on more current market action.
While the Active Realized Price hovers around the $71,000 level, the True Market Mean Price is sitting at the $65,000 mark. BorisVest noted that this level provides a more precise assessment, emphasizing that the $65,000 point is a critical support area in Bitcoin’s market dynamics.
By defining the region between the Active Realized Price and the True Market Mean Price, which serves as the strong support zone, BorisVest expects that a sizable amount of demand will emerge in this area should the price drop in the near future. As a result, $65,000 to $71,000 is the present supportive range.
According to the expert, purchasing the flagship asset within this range could yield substantial profits in the long term, with expectations of an impending major rally towards a new all-time high before this cycle concludes.
Should Bitcoin’s price drop to this zone, BorisVest noted that weak hands might choose to sell their coins. Meanwhile, strong hands are most likely to buy more BTC and open new positions to capitalize on major gains as the price resumes its upward trend.
BTC’s Market Value Witnesses An Upswing
BTC is demonstrating upside potential once again as bullish momentum builds gradually. Santiment, a leading financial and on-chain data platform, reported that Bitcoin’s market value experienced a slight growth following a recent attempt at higher targets.
Santiment highlighted that BTC’s market value climbed back to the $87,300 mark, while altcoins continue to lag behind the asset. This development indicates that Bitcoin is stabilizing, prompting traders to monitor closely for confirmation of a sustained rebound. Data from Santiment reveals that the entire crypto market cap is still down by about 7% despite a slight upswing of +0.2% in BTC’s price in the past week.