finbold.com
The price of Bitcoin (BTC) experienced significant volatility in the last 7 days. After a sharp increase on April 25 and 26, BTC saw several days of relative stability, only to drop by over 4% as the weekend came to a close.
In a tweet on April 30, crypto analyst Ali Martinez put forward an observation regarding Bitcoin’s price direction, highlighting two critical levels that may play a role. Martinez notes that a significant support level is evident, with 1.85 million addresses purchasing 650,000 BTC between the price range of $27,440 and $28,315.
Additionally, Martinez identifies a key resistance level, with 1.37 million addresses having acquired 530,000 BTC between $29,260 and $30,130. These levels could potentially influence Bitcoin’s future price action.
The price drop comes ahead of the Federal Reserve’s monetary policy decision, which is expected to be made on Wednesday, May 3. The uncertainty has caused the majority of crypto assets to trade in the red, moving toward neutralizing the weekly gains seen in the final days of April.
For now, traders are waiting for one of the levels to break. However, it remains to be seen which level will break first.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.