Bitcoin (BTC) has slipped after failing to clear a major ceiling around the $83,000 area, with the flagship cryptocurrency down nearly 5% over the past week.Â
As of Tuesday evening, BTC was changing hands at roughly $76,750. Even with the pullback, market analyst Ali Martinez believes the current price action still leaves room for a rebound toward $94,850.Â
Bitcoin Could Drop Toward $54,270
In a Tuesday social media post on X (previously Twitter), Martinez pointed to Bitcoinâs Market Value to Realized Value (MVRV) pricing bands, saying a move to $94,850 would represent about a 23.5% increase from current levels.Â
However, he cautioned that this upside path depends on Bitcoin holding above a specific support level at $72,960. In his view, losing that threshold would shift the outlook and open the door to a deeper drawdown.
If $72,960 is broken, Martinez warned that BTC could be pulled toward the realized price near $54,270. That scenario would imply an additional 29% retracement from present prices.Â
With that in mind, the analyst framed the $72,960 level as a key line in the sand for determining whether Bitcoinâs consolidation turns into the next leg up or extends into a more pronounced correction.
Adding to the bullish outlook, Martinez also said derivatives traders are positioning as if another advance is likely. He noted that Bitcoin funding rates have climbed to 0.4%, the highest level seen in more than two months.Â
Key Support And Resistance Walls To Watch
When Bitcoin funding rates rise to that extent, it typically signals that the derivatives market is being driven by aggressive long positioning, with market participants paying a premium to keep long exposure.Â
According to Martinez, this kind of demand can sometimes lead to quick liquidations if the market snaps downward and forces late buyers out, but it also reflects a broader bias that remains tilted toward expansion.
In another social media post issued on Monday, the analyst also highlighted additional levels to watch ahead tied to the cryptocurrencyâs UTXO Realized Price Distribution (URPD) indicator.Â
Martinez identified new resistance levels at $78,258 and $84,569. On the support side, he pointed to $75,733 and $66,898. Together with the earlier $72,960 support marker, these zones form the set of key reference points Martinez said could shape whether Bitcoin pushes higher toward $94,850 or slides toward the realized price area.
Featured image created with OpenArt, chart from TradingView.comÂ
