Bitcoin (BTC) is currently facing a bearish sentiment in the cryptocurrency market, marked by a 3% weekly loss on Thursday. This downturn comes amidst escalating global geopolitical tensions that have had a significant impact on various markets.
Despite the current downward trend, there's potential for a bullish rally, according to crypto trading expert Ali Martinez. The key for this rally lies in Bitcoin's realized price indicator of its warm supply, a measure that reflects the average investment cost in the cryptocurrency.
Martinez suggests that for the bullish rally to be triggered, Bitcoin needs to sustain a close above $28,233. With Bitcoin's price sitting at $26,800 on Thursday, it would require an additional rise of approximately 5.35% to meet this crucial threshold.
This potential rally presents an interesting development for investors who are closely monitoring Bitcoin's performance amid the ongoing market volatility. While geopolitical tensions continue to influence global markets, the future trajectory of Bitcoin remains a topic of keen interest in the financial world.
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