Bitcoin's recent price rally has hit a snag, failing to reclaim the coveted $70,000 level. The asset is currently trading below $64,000 after a sudden price flip downward. However, according to crypto analyst Ali Martinez, Bitcoin could be gearing up for another leg up.
On June 18, Martinez shared on-chain data suggesting that Bitcoin may surge towards $69,000 if it holds support above the crucial level of $64,000. This would translate to a 7% price increase. The analyst pointed out that Bitcoin is currently trading within an ascending channel, with recent price action consolidating around $64,538.
The chart shared by Martinez shows that Bitcoin's exchange activity is beginning to fade, with its exchange reserve showing a mild decline of -0.02 over the past day. This is seen as a bullish signal for the asset, indicating that it may be preparing for a potential price breakout.