As Bitcoin analysts look at support levels, the price of BTC sinks $1.5K
Bitcoin (BTC) set a new low on December 28 as bulls face an increasingly stubborn range.
BTC price has rejected the post-Christmas rally of the bulls
Data from Cointelegraph Markets Pro and TradingView tracked the 1,500 BTC price drop from the daily open.
In a strong reminder of the power of overhead resistance, Bitcoin held firmly in place in a corridor for more than a week.
The problems at the top were many and varied – as Cointelegraph reported, profit taking and excessive amounts of money left analysts concerned about what might happen next.
Analyzing the state of the game on order books, Martun, a contributor to on-chain analytics platform CryptoQuant, took a blind eye to Coinbase's $40,000 increase in support.
$BTC Coinbase Spot
Bids of $50 million are offered at a price level of $40,000, which is equivalent to 1,200 BTC. pic.twitter.com/ZkLQCjy8Jl
— Maartun (@JA_Maartun) December 28, 2023
Material indicators of marketing resources, on the other hand, have indicated some buying interest from whalers in the current region.
“We are also seeing some small blocks above $42K, possibly trying to defend a lower low. Watching to see if it holds,” he wrote in part in a post on X (formerly Twitter) that day.
The accompanying chart shows the liquidity levels for the BTC/USDT pair on the largest global exchange, Binance.
Bitcoin ETF “red flags” concern analyst
Continuing on the immediate view, Filbfilb, co-founder of the trading group DecenTrader, warned against bright BTC price predictions.
Related: Bitcoin trader with $12K BTC price target warns of ‘weeks' coming to crypto
The upcoming approval decision for the first US-based Bitcoin exchange-traded fund (ETF) should be no reason to speculate, he told X subscribers.
“When it comes to ETFs, the increasing competition calling for the highest numbers for Bitcoin is a red flag,” he wrote.
“If initial capital flows are weak, expect a correction.”
Filbfilb is not alone among market participants watching for a “news sell” response to ETFs due on January 10, 2024. Previously, however, the price of 46,000 BTC will be halved in April's block subsidy.
“I still have a view that overall performance will be strong in 2024 and there will be some kind of pump, but it's expected to be about 95% certain,” he added of the ETF.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
