With shifting market dynamics, Bitcoin has moved into positive territory as prices sights key resistance levels. However, due to the volatile nature of crypto assets, the flagship asset’s recent uptrend might experience a brief drawback before resuming its upward direction.

Support Areas For Bitcoin Amid Potential Trend Reversal

Cryptocurrency assets are known for their sudden change in price trajectory. Thus Alphractal, an advanced investment and data analysis platform, highlights a crucial on-chain metric that reveals important support levels that Bitcoin may rely on if its recent uptrend falters.

Alphractal identifies these levels as important benchmarks that may determine the sustainability of BTC’s overall market strength. This key measure is the Bitcoin Alpha Price metric, an indicator that has shown remarkable accuracy in identifying and forecasting opportunities and BTC’s price movements in the past.

The Alpha Price metric offers a groundbreaking method of assessing price dynamics by comparing the profitability of Short-Term Holders and Long-Term Holders to the average price of the general market. Looking at the chart, the highest line, which Bitcoin has rarely surpassed in the past, marks the Alpha Price. Meanwhile, the bottom lines are Fibonacci-based factors obtained from the primary metric.

Currently, Alphractal noted that Bitcoin has reached the second upper line,

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Author: Godspower Owie