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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin May Hit $78,500 If This Critical Support Fails – Details

Semilore Faleti
Semilore Faleti
9 hours ago
2 mins read
Bitcoin

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Bitcoin (BTC) prices crashed by almost 5% in the past 48 hours, with growing global tensions following an Israeli airstrike on Iran on June 12. As financial markets reacted to this news, Bitcoin prices dipped to below $103,000 before experiencing a modest rebound to climb into the $105,000 price band. 

Notably, top market analyst Ali Martinez has observed that the premier cryptocurrency must maintain a particular support line to avoid a major correction based on the active trading channel. 

$100,000 Support Key To Bitcoin Bull Challenge 

In an X post on June 13, Ali Martinez shared a technical analysis of Bitcoin’s price movement. The expert reveals that BTC has stylishly maintained a range-bound movement since 2024 amidst major price surges and extended market corrections. 

Related Reading

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1 day ago

Over the last six months, Martinez’s analysis shows that Bitcoin has largely traded between $78,500 and $110,000, establishing multiple vital support and resistance levels within this corridor. During this period, the maiden cryptocurrency has famously retested the upper boundary five times while bouncing off the lower boundary four times. 

Bitcoin
Source: @ali_charts on X

Following Bitcoin’s most recent crash and the propensity for higher market volatility, especially with the potential of a full-scale war in the Middle East, Martinez warns it is critical for Bitcoin bulls to maintain a price point above the $100,000 level, which represents the next major support level in the market.

The analyst explains that in line with price behavior within a set trading channel, a decisive close below the $100,000 price point strongly increases the chances for a price return to the lower boundary at $78,500. This situation presents a potential 25% price devaluation for current BTC holdings. 

On the other hand, maintaining price action above $100,000 keeps bullish momentum intact and raises the probability of a retest of the $110,000 resistance zone, perhaps with the hope of a decisive price breakout beyond the trading channel. 

However, a breakdown below $100,000 would not necessarily trigger an immediate correction to $78,500. Notably, Martinez’s analysis reveals that support levels at $92,000 and $86,000 could provide Bitcoin bulls with ample opportunity to reassert market control. 

BTC Price Overview

At the time of writing, Bitcoin trades at $105,194 following a 1.79% decline in the past 24 hours. Meanwhile, the asset’s daily trading volume is up by 37.04%, indicating a boost in market transactions and general trading activity. 

With a market cap of $2.07 trillion, Bitcoin remains the crypto market leader with an impressive 62.75% dominance.

Related Reading: Bitcoin Following ABCD Pattern? Analyst Sees Path To $137,000

Bitcoin
BTC trades at $105,254 on the daily chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from TradingView.com

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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