Bitcoin’s Price Sees Slow Rebound: Here Is The Next Strong Support Zone To Watch
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 is 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, showing that the $65,000 point is a critical support area in Bitcoin’s market