Bitcoin (BTC) prices showed a sideways movement in the past day producing no significant changes. Following the recent rejection at the $110,000 price range, the maiden cryptocurrency failed to break out of a descending consolidatory channel; therefore, fears on the current status of the bull market remain intact.
Amidst the current mood of uncertainty, prominent market analyst Ali Martinez has identified two important support levels in the advent of a price downturn.
On-Chain Data Reveals Strong Bitcoin Support At $106,500 And $98,500
In an X post on July 5, Ali Martinez shares a potentially impactful on-chain insight on the Bitcoin market. Using data from the In/Out Money Around Price (IOMAP) Chart from Sentora, the analyst shares that major support zones have emerged that could play a crucial role in shaping the BTC’s short-term price direction.
The IOMAP chart analyzes Bitcoin wallet addresses and the average prices at which they…
