Crypto analyst Ali Martinez shared critical technical levels for Bitcoin, Hyperliquid, and $XRP, noting that the amount of $BTC being moved to exchanges and miner sales could increase selling pressure in the market.
According to Martinez, Bitcoin is testing the upper boundary of a descending channel formation. Therefore, the $64,300 level stands out as a critical threshold for short-term price movements.
The analyst stated that a four-hour candle close above $64,300 would confirm a breakout from the descending channel. In such a scenario, the $BTC price could initially reach $65,500, and if the uptrend continues, it could advance further to $66,500.
However, Martinez also pointed out on-chain developments that could increase selling pressure on Bitcoin. According to data shared by the analyst, more than 20,000 $BTC were transferred to cryptocurrency exchanges in a short period of time.
The influx of Bitcoins into exchanges is being interpreted as an increase in potential selling pressure in the market, as it could signal that investors are preparing to sell. Martinez stated that $BTC inflows to exchanges should be closely monitored.
Bitcoin miners have also been seen selling recently. According to Martinez, miners sold approximately 1,774 $BTC worth about $112 million in the last week. The analyst interprets this movement as a new wave of profit-taking among miners.
Related News BREAKING: Michael Saylor Comments on Today’s Bitcoin Sale – “I Said I Would Never Sell Any of My ‘Personal’ Bitcoins”
Martinez also warned that the technical outlook for Hyperliquid’s native token, $HYPE, could weaken.
The analyst noted that the $HYPE price has reached a significant resistance trend line, and that the TD Sequential indicator has generated a sell signal in the same area.
He stated that if sellers gain control of the market in the resistance zone, the $HYPE price could fall towards the $50 level.
According to Ali Martinez, the most important price level that will determine the direction of $XRP in the coming period will be $1.06.
The analyst stated that if $XRP manages to stay above the $1.06 support level, buyers could regain strength, and the price could target the $1.35 and $1.64 levels respectively.
However, Martinez stated that if the $1.06 support level is lost, selling pressure could accelerate, warning that the $XRP price could fall first to $0.80 and, if the decline deepens, to $0.62.
*This is not investment advice.
