Why Bitcoin Price Failed To Break $123,000 In The Past Week — Analyst Explains

Opeyemi Sule

3 hours ago

2 mins read

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The crypto market was a story of two distinct halves, one of which saw the Bitcoin price soar to multiple all-time highs. After reaching its all-time high of around $122,800, the premier cryptocurrency has succumbed to a sobering wave of bearish pressure in the past few days.

This recent wave of downward pressure was precipitated by the movement of a Satoshi-era whale on Thursday, July 17. However, the Bitcoin price never seemed likely to cross the $123,000 level, and a prominent on-chain expert on X has explained why.

Is The Move To $143,000 Still Possible?

In a recent post on the social media platform X, Alphractal CEO & founder Joao Wedson explained why the price of BTC failed to break the $123,000 level during its rally to a new all-time high in the past week. According to the crypto expert, this seeming loss of momentum could spell danger for the market leader in the short term.

The rationale behind this prediction is that the $123,000 region (or more precisely, $123,370) is the second Alpha Price level for the Bitcoin price. For context, the Alpha Price is a powerful on-chain indicator that uses several key metrics to estimate where the BTC price is likely to find support or resistance.

In essence, the Alpha Price is a level that the price of Bitcoin needs to breach and stay above to enter the next significant phase of the bull cycle. “It begins by calculating the market’s age in days and uses that to derive the average market cap—essentially the historical valuation baseline,” Wedson added about the indicator.

As shown in the chart above, the Alpha Price indicator has multiple threshold levels, which behave like pressure regions. These thresholds reflect zones where investor sentiment is likely to shift; lower levels act as supports because investors often buy to defend their positions, while upper levels signal increased selling pressure due to profit taking.

Wedson noted that the Bitcoin price failing to breach the second Alpha Price level doesn’t imply that the market top is in. However, the $123,370 region is a clear resistance zone, and the BTC price might need to face some pullback before climbing to new highs.

Wedson also mentioned that the Alpha Price level will update on Saturday, July 19, as it’s dynamically adjusted based on real-time on-chain transaction flows. Nevertheless, if the Bitcoin price does break this level, a move to above $143,000 could still be on the cards.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $117,610, reflecting an over 2% decline in the past 24 hours.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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