Bitcoin (BTC) Price Surge to $87K Threshold Reignites Bullish Sentiment

Bitcoin‘s price surge on Wednesday to the $87,000 threshold has reignited bullish sentiment in the market. However, the flagship asset’s renewed upward strength has briefly weakened

Bitcoin’s price surge on Wednesday to the $87,000 threshold has ignited bullish sentiment in the market. However, the flagship asset’s renewed upward strength has briefly weakened, dropping to the $85,000 level. During this slight movement, a key strong support zone was identified during BTC’s recent journey.

On-Chain Expert Identifies Key Support Zone

Following recent market instability, Bitcoin is slowly showing signs of recovery and stability. According to on-chain expert and trader BorisVest, a key support zone could be crucial for BTC’s future performance.

In a recent CryptoQuant quicktake post, the expert identified a strong support zone between the $65,000 and $71,000 price range. The identified support zone seems to be acting as a critical foundation for bullish momentum, potentially preventing further downside risk.

The on-chain expert highlighted that BTC market dynamics indicate that the Active Realized Price is around the $71,000 mark. Excluding long-dormant coins, this crucial level helps traders in identifying a support level based on more current market action.

While the Active Realized Price is around the $71,000 level, the True Market Mean Price is sitting at the $65,000 point. According to BorisVest, this level provides a more precise assessment, showing that the $65,000 point is a critical support area in Bitcoin’s market dynamics.

By defining the region between the Active Realized Price and the True Market Mean Price, which serves as the strong support zone, BorisVest expects a sizable amount of demand to be met in this area should the price drop in the near future. As a result, $65,000 to $71,000 is the present strong and close-by support zone.

According to the expert, purchasing the flagship asset in this range would result in substantial profits in the long term, with expectations of an impending major rally to a new all-time high before this cycle comes to an end.

Should Bitcoin’s price drop to this zone, BorisVest noted that weak hands might choose to sell their coins. Meanwhile, strong hands are likely to purchase more BTC and open new positions in order to set themselves up for huge gains once the price resumes its uptrend.

BTC’s Market Value Shows Slight Upswing

BTC is demonstrating upside potential once again as bullish momentum builds gradually. Santiment, a leading financial and on-chain data platform, reported that Bitcoin’s market value saw a slight growth following a recent attempt at higher targets.

According to a recent post by Santiment, BTC’s market value clawed its way back to the $87,300 mark, while altcoins are still lagging behind the asset. The move shows that Bitcoin is stabilizing, prompting traders to watch closely for confirmation of a sustained rebound.

Data from Santiment reveals that the entire crypto market cap is still down by about 7% despite the slight upswing of +0.2% in BTC’s price in the past week.