Wrench attacks on prominent crypto executives are shaping the narrative on centralized crypto custody.

Wrench attacks drive crypto investors to centralized custodians

Avalanche (AVAX) prices are up 6.59% in the past 24 hours amidst a general 
crypto price rebound. The prominent altcoin presently trades around $24, 
keeping in line with a long-standing range-bound movement. Meanwhile, popular 
market analyst Ali Martinez has shared some insights on the present AVAX 
market, highlighting a potential bullish scenario. Incoming AVAX Breakout? 
Here Are The Levels To Watch In an X post on July 25, Martinez provides a 
technical analysis on the AVAX market tipping the altcoin for a major price 
surge; Using the daily AVAX/USDT chart, the renowned analyst identified a 
constant trading range that has remained active from February to date. Related 
Reading: TRON Drops Q2 Report: Revenue, USDT Dominance Lead Multi-Quarter 
Highs This price range shows that AVAX prices have consistently moved between 
$15 and $27, forming a pivotal support and resistance in these price regions, 
respectively. Most notably, AVAX made another surge towards $27 following the 
crypto rebound in early July. However, the altcoin soon experienced another 
solid rejection for the third time in six months at the rather effective price 
barrier. Following this most recent rejection, AVAX found quick support around 
$23, another important price level in this trading range, which has previously 
acted as support or resistance depending on the price trend. If the market 
bulls can sustain the current buying pressure at this price zone, AVAX is 
likely to return to retest the $27 region. Interestingly, Ali Martinez 
explains that a successful breakout beyond $27 would pave the way for a quick 
climb to an immediate price target of $36 based on the Fibonacci retracement 
levels. This prediction presents a potential 46% price gain from current 
market prices and 38% from the breakout zone. On the other hand, failure to 
hold above the $23 price level may result in a bearish return to $15, marking 
a potentially catastrophic 34.78% decline from the support zone. Therefore, 
AVAX market forces must view the $23 as a critical region, which could 
influence a decisive breakout or breakdown in the mid-term. Related Reading: 
Wall Street’s Bold Bet: Bitcoin Could Hit $200K By December, Banking Giant 
Says AVAX Price Overview At the time of writing, AVAX trades at $24.81 
following a slight 3.71% gain in the last seven days. Meanwhile, the daily 
trading volume is down by 31,84% indicating a significant decline in market 
interest and transaction volume. With the altseason reportedly underway, AVAX 
also remains one of the many altcoins in investors&#8217; consideration as a 
potential outperformer following an estimated 1,150% gain in the last bull run 
in 2021. With a market cap of $10.1 billion, AVAX continues to rank as the 
17th largest cryptocurrency in the world. Featured image from DASE, chart from 
Tradingview

AVAX Ready For Range Breakout – Bulls Eye $36 Price Target

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After surging to a record high around $123,000 in the second week of July, the 
Bitcoin price action for the rest of the month has been largely choppy. 
However, the flagship cryptocurrency dropped to a level just above $115,000 on 
Friday, July 25. This abrupt decline came with the expected question in the 
market: Is the rally over? Here&#8217;s How $115,000 Could Be Critical To BTC’s 
Price In a recent post on the social media platform X, crypto pundit Burak 
Tamaç highlighted the relevance of the region below the $115,000 level for the 
price of BTC. This on-chain observation, which is based on the BTC Supply 
Distribution URPD, showed how the Bitcoin price could play out in the near 
future. Related Reading: Bitcoin Eyes Bounce off This Support Level In 
Reversal Campaign For $121,000 The Supply Distribution URPD metric tracks the 
amount of Bitcoin supply last moved or transferred at particular price levels. 
This metric is specifically useful in identifying potential support (demand) 
and resistance (supply) zones. Tamaç pointed out on X that there is a 
significant void in Bitcoin&#8217;s Unspent Transaction Output (UTXO) distribution 
just around the $110,000 and $115,000 bracket. What this means is that there 
have been relatively fewer significant transactions around this price region 
in the recent past. However, this UTXO gap sits above a price region ($90,000 
to $110,000) thick with significant investor activity. Considering the level 
of activity within this zone, there is an increased likelihood of the premier 
cryptocurrency finding a support cushion just within the UTXO gap. In this 
context, the support is to be above the $110,000 price level. As mentioned 
earlier, after Bitcoin reached a new all-time-high price, the premier 
cryptocurrency entered a consolidatory phase, where it has moved mostly 
sideways in the second half of July. During this period of indecisive price 
action, it can be observed that the Bitcoin price has not gone below the 
$115,000 price. What this means is that the $110,000 and $115,000 zone is 
likely where a new UTXO support has been established. If Bitcoin prevails 
above this price level, we can expect to see continued bullish momentum. On 
the flip side, if the $110,000 — 115,000 support zone fails, the flagship 
cryptocurrency might experience a severe sell-off. Bitcoin Price At A Glance 
As of this writing, Bitcoin is valued at about $118,050, reflecting an almost 
2% jump in the past 24 hours. Related Reading: Bitcoin Eyes Bounce off This 
Support Level In Reversal Campaign For $121,000 Featured image from iStock, 
chart from TradingView

Bitcoin Price Holds Above $115,000 — Here’s Why This Level Is Significant

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