An on-chain data expert has identified a critical level that the Bitcoin price must not break, or it could be at risk of a significant downturn.
Critical Levels For BTC Price: Alphractal CEO
On Saturday, March 7, Alphractal founder and CEO Joao Wedson revealed on the social media platform X that the $63,700 level is a crucial support level for the Bitcoin price. The crypto expert analyzed why this price level is critical to the long-term health of the flagship cryptocurrency and other relevant levels to watch.
This on-chain evaluation is based on the Fibonacci-adjusted Market Mean Price, which represents the cost basis, on average, of all Bitcoin holders. This indicator shows BTC’s average cost basis, adjusted with specific Fibonacci ratios; it exhibits mathematical levels of extension or retracement around the BTC average holder’s cost.
As observed in the chart above, $63,700 is the next most relevant level for the Bitcoin price, per the Fibonacci-adjusted Market Mean
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