Crypto analyst Ali Martinez has identified a crucial Bitcoin price level that could prevent a significant drop.
On social media platform X, Martinez highlighted that the $54,240 mark is vital when looking at Bitcoin’s MVRV price bands.
According to the #Bitcoin MVRV Pricing Bands, the $54,240 support level is crucial to monitor. A breach of this level could lead to a correction down to $41,100! pic.twitter.com/7BQnzPK8Wt
— Ali (@ali_charts) September 9, 2024
He suggested that a fall below this level could lead to a correction towards $41,100.
Martinez also noted that a drop to $54,240 could trigger a $24 million liquidation event on Binance.
Despite this, Bitcoin’s recent price movement has slightly moved away from this critical level, trading at $57,308—up about 5% in the past 24 hours and briefly exceeding $58,000.
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