Investors are expecting further upside as the BTC price continues to fluctuate between $44,000-$43,000 ahead of the SEC's spot Bitcoin ETF decision.
At this point, popular cryptocurrency analyst Ali Martinez announced the levels that investors should follow.
Noting that there was a large purchase between $ 42,560 and $ 43,245 and that it was still not sold, the analyst said that these levels acted as strong support for BTC.
Stating that there is no significant resistance for BTC to rise if Bitcoin holds these support levels, the analyst said that if these levels cannot be held, BTC may fall between $ 26,770 and $ 30,220.
“Approximately 1.11 million BTC was purchased between $42,560-$43,245 and has not yet been sold. This makes the $42,560-$43,245 range one of the strong support levels for BTC!
If Bitcoin can hold above the $42,560-$43245 level, there is not much significant resistance in front of BTC to prevent it from advancing further.
However, if Bitcoin cannot hold above the $42,560-$43,245 levels, a decline can be expected between the next critical levels of $26,770 and $30,220.”
Around 1.11 million $BTC were bought between $42,560 and $43,245 and have not been sold yet, making this one of the strongest support walls!
If #Bitcoin can hold above this level, there is not much significant resistance ahead that will prevent it from advancing further. But if… pic.twitter.com/Nqdd7WBOW6
— Ali (@ali_charts) January 7, 2024
Bitcoin is at $44,000 at the time of writing.
*This is not investment advice.
