Experienced Trader Shares the Level That Must Be Defended Following Bitcoin’s Sharp Drop

Crypto analyst Ali Martinez shared notable technical and on-chain levels for Bitcoin and Ethereum. According to Martinez, the $60,000 region is critical for maintaining the current trend in Bitcoin.

The analyst noted that, according to on-chain data, more than 1.3 million $BTC changed hands between $60,000 and $63,000. Martinez emphasized that this region represents one of the largest volume clusters for Bitcoin, and stated that the $60,587 level should be maintained as short-term support.

According to Martinez, if Bitcoin falls below this support level, the next significant level for the price could be $46,702. The analyst stated that approximately 150,000 $BTC are currently trading in this region. Further down, Martinez noted that the $37,867 level stands out, with 207,000 $BTC changing hands in that area.

Ali Martinez stated that he was monitoring daily closes to see if buyers would defend the volume block around the $60,000 mark.

On the Ethereum side, the analyst noted that ETH is trading below the 200-hour simple moving average. According to Martinez, unless Ethereum regains this level, the $1,580 level can be watched as the next important target.

*This is not investment advice.