2024-2-18 14:30 |
Bitcoin recently rallied to $53,000 but has since dropped back down to around $51,000. According to crypto analyst Ali, if Bitcoin fails to quickly reclaim the $52,000 level, it risks facing an 8% correction. This could potentially send the price down to the range between $48,000 and $46,500.
Significant Support Lies Below Around $46,500
However, Ali notes there is significant support between $48,000 and $46,500, with over 1 million addresses holding more than 544,870 BTC in that price range.
This large accumulation of BTC indicates strong support on the chart. As such, any drop towards $46,500 could be met with significant buying pressure from bulls looking to defend this key level.
So while Bitcoin remains vulnerable to a correction if the $52,000 level is not reclaimed quickly, major support below $50,000 suggests any drop may be limited. As long as the critical support around $46,500 holds, the medium-term outlook could remain bullish.
You may also be interested in:
Has Bitcoin’s 4-Year Cycle Been Broken? A Closer Look Says No as BTC Price Faces Crucial Test Why Is SUN Coin Price Pumping? BONK Outperforming Shiba Inu (SHIB) as New Memecoin Rebel Satoshi ($RBLZ) Starts To Gain Investor’s Attention Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower pricesA unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
The post Bitcoin’s (BTC) Price Could Start Dropping If Key Level Not Reclaimed, But This Strong Support Offers Hope appeared first on CaptainAltcoin.
Similar to Notcoin - Blum - Airdrops In 2024
Bitcoin (BTC) на Currencies.ru
|
