The crypto market was a story of two distinct halves, one of which saw the Bitcoin price soar to multiple all-time highs. After reaching its all-time high of around $122,800, the premier cryptocurrency has succumbed to a sobering wave of bearish pressure in the past few days.<\/p>\n
This recent wave of downward pressure was precipitated by the movement of a Satoshi-era whale<\/a> on Thursday, July 17. However, the Bitcoin price never seemed likely to cross the $123,000 level, and a prominent on-chain expert on X has explained why.<\/p>\n In a recent post on the social media platform X, Alphractal CEO & founder Joao Wedson explained<\/a> why the price of BTC failed to break the $123,000 level during its rally to a new all-time high in the past week. According to the crypto expert, this seeming loss of momentum could spell danger for the market leader in the short term.<\/p>\n The rationale behind this prediction is that the $123,000 region (or more precisely, $123,370) is the second Alpha Price level for the Bitcoin price. For context, the Alpha Price is a powerful on-chain indicator that uses several key metrics to estimate where the BTC price is likely to find support or resistance.<\/p>\n In essence, the Alpha Price is a level that the price of Bitcoin needs to breach and stay above to enter the next significant phase of the bull cycle<\/a>. \u201cIt begins by calculating the market\u2019s age in days and uses that to derive the average market cap\u2014essentially the historical valuation baseline,\u201d Wedson added about the indicator.<\/p>\n As shown in the chart above, the Alpha Price indicator has multiple threshold levels, which behave like pressure regions. These thresholds reflect zones where investor sentiment is likely to shift; lower levels act as supports because investors often buy to defend their positions, while upper levels signal increased selling pressure due to profit taking.<\/p>\n Wedson noted that the Bitcoin price failing to breach the second Alpha Price level doesn\u2019t imply that the market top is in. However, the $123,370 region is a clear resistance zone, and the BTC price might need to face some pullback before climbing to new highs.<\/p>\n Wedson also mentioned that the Alpha Price level will update on Saturday, July 19, as it\u2019s dynamically adjusted based on real-time on-chain transaction flows. Nevertheless, if the Bitcoin price does break this level, a move to above $143,000 could still be on the cards<\/a>.<\/p>\n As of this writing, the price of BTC stands at around $117,610, reflecting an over 2% decline in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":" The crypto market was a story of two distinct halves, one of which saw the Bitcoin price soar to multiple all-time highs. After reaching its all-time high of around $122,800, the premier cryptocurrency has succumbed to a sobering wave of bearish pressure in the past few days. This recent wave of downward pressure was precipitated […]<\/p>\n","protected":false},"author":0,"featured_media":82188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-82187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/82187"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82187"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/82187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/82188"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Is The Move To $143,000 Still Possible?<\/strong><\/h2>\n
Bitcoin Price At A Glance<\/strong><\/h2>\n