Crypto analyst Ali Martinez shared key technical levels for Bitcoin, Hyperliquid, and $XRP, noting that the volume of $BTC being moved to exchanges and sold by miners could intensify selling pressure on the market.
According to Martinez, Bitcoin is testing the upper boundary of a descending channel. Therefore, the level of $64,300 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 price of $BTC could initially reach $65,500, and if the uptrend continues, it could rise to $66,500.
However, Martinez also pointed to on-chain events that could intensify selling pressure on Bitcoin. According to data provided by the analyst, over 20,000 $BTC were transferred to cryptocurrency exchanges in a short period.
Inflows of Bitcoin to exchanges are interpreted as a sign of increased potential selling pressure on the market, as it may indicate investors are preparing for sales. Martinez stated that the inflow of $BTC to exchanges should be closely monitored.
There have also been recent sales of Bitcoin by miners. According to Martinez, over the past week, miners sold approximately 1,774 $BTC worth about $112 million. The analyst interprets this movement as a new wave of profit-taking among miners.
Martinez also warned that the technical outlook for Hyperliquid's native token, $HYPE, could deteriorate.
The analyst noted that the price of $HYPE reached a significant trendline resistance, and that the TD Sequential indicator generated a sell signal in the same area.
He stated that if sellers gain control of the market in the resistance zone, the price of $HYPE could drop to the $50 level.
According to Ali Martinez, the most important price level determining the next directional move for $XRP will be $1.06.
The analyst said that if $XRP manages to hold above the $1.06 support level, buyers could regain their positions, and the price could approach the $1.35 and $1.64 levels, respectively.
However, Martinez stated that if the $1.06 support level is broken, selling pressure could intensify, warning that the price of $XRP could first drop to $0.80, and if the decline intensifies, to $0.62.
*This is not investment advice.
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