Institutional adoption hopes sparked a broader crypto market rally, propelling Bitcoin’s (BTC) price above the $30,000 mark earlier this month.
Now, the leading crypto asset may be ready to make its next big upswing, according to crypto market expert Ali Martinez.
Specifically, Martinez noted that Bitcoin has returned above a stable support level after 1.84 million investors purchased around 910,000 BTC in the price range from $29,930 to $30,800.
If Bitcoin manages to stay above this demand area, “it has a good chance of advancing toward $35,000 due [to] the lack of resistance ahead,” said Martinez on June 30, citing on-chain data by the blockchain intelligence platform IntoTheBlock.
Over 86% of Bitcoin investors at a profit
The data also shows that 7.68 million cryptocurrency addresses who bought Bitcoin between $26,156 and $35,459 are currently ‘in the money,’ meaning their BTC investments are profitable. In percentage terms, this figure stands at 86.16%.
At the same time, over 1.20 million investors, or 13.62%, are at a loss, while 0.22% are at a break-even level.
Bitcoin price analysis
At press time, the price of Bitcoin was changing hands at $31,054, up 1.36% in the past 24 hours.
Over a weekly chart, the world’s biggest crypto asset rose by more than 3%, and over 11.3% on the month.
Year-to-date, BTC is up over 86%, driven by an impressive broader market rebound following a harsh crypto winter in 2022.
With the latest price surge, Bitcoin has broken above “the most important” resistance level highlighted by popular crypto YouTuber Crypto Rover.
Piercing through this key resistance level, which stands at around $30,900, suggests a bullish sentiment and potentially indicates a shift in market dynamics.
It could lead to increased buying pressure as traders perceive the breakout as a positive signal, potentially driving the BTC price even higher in the short term.
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