Bitcoin Faces Make-or-Break Moment at Critical Support Level

Bitcoin's price has lost momentum and is currently trading at around $64,000 after a major rally towards its monthly peak. According to popular analyst Ali Martinez, this level will determine whether Bitcoin breaks out or breaks down next.

The critical support level at $63,800 has been tested, and if it holds as support, Martinez believes that the price could rebound towards $67,000. However, if it breaks, the next downside target sits around $60,000, a level that BTC touched on a few occasions in June and early July.

Historical data suggests that August has been a bearish month for Bitcoin, with only three out of the past 12 months posting gains. Martinez noted that the last significant August rally came nine years ago during the 2017 bull run.

On the positive side, small whales holding between 100 and 1,000 BTC have seen their positions turn green, which in the past has preceded short-term upticks or more profound rallies.