The Bitcoin price performance has been lackluster in the past week, mirroring the overall cryptocurrency market. However, Bitcoin ended the week positively after an unexpected Friday rally, driven by Federal Reserve Chairman Jerome Powell's speech, pushing the price above $64,000 with a nearly 7% surge.
Prominent crypto analyst Ali Martinez identified $66,250 as a critical resistance level for Bitcoin in the coming days. He based this on the Glassnode “UTXO Realized Price Distribution” metric, which looks at the amount of cryptocurrency purchased at specific price levels. Significant buying activity beneath the current spot value will likely act as support, while levels above could serve as resistance areas.
The chart highlighted that while Bitcoin has flipped the $64,045 resistance level, the $66,250 zone is yet to be breached. Nearly 382,000 coins moved within this price area, and the last time BTC climbed above this level, it reached $70,000 before encountering resistance.
As of now, Bitcoin is around the $64,000 mark, reflecting nearly a 7% increase in 24 hours and almost a 10% increase over the past week.
