Bitcoin Faces Vital Support at $62K, Will the Bull Run Resume?
- Bitcoin has major support at the $62,000 price level.
- If BTC fails to hold $62K, $51,500 is the next area of major demand and support.
- To resume the bull run, Bitcoin needs to break above $66,250.
Bitcoin (BTC), the world’s largest digital asset, has a major support at the $62K price level as per the data provided by UTXO Realized Price Distribution (URPD), and it is imperative for the leading cryptocurrency to hold above this price region.
As per a post by technical analyst @ali_charts on social media platform X (formerly known as Twitter), if Bitcoin holds above $62,000 and breaks above the $66,250 price level, the bull run will resume.
However, if the digital asset fails to hold above $62,000, it might retest the nearest major support at $51,500, which is another major demand area for Bitcoin. For the digital asset to continue making higher highs, it is crucial to reclaim the $66,250 mark.
According to the data from CoinMarketCap, the price of BTC as of 1:18 a.m. on Wednesday, stands at $64,429, much higher than its nearest support of $62,000. Further, the market capitalization of the …
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