Throughout the week, the price of Bitcoin, Ethereum, and other cryptocurrencies has been on the decline. Bitcoin’s price has recently plummeted below the $45,000 support level. Similarly, most major altcoins may face difficulties in recouping losses.
Near the $3,300 level, ETH may find resistance and XRP could continue to fall below the $0.75 support level. ADA, BNB and LUNA have all registered minor gains.
Bitcoin couldn’t maintain the $44.7K mark, according to Michael Van De Poppe, and began to fall south, as it feared after losing the recent low. Currently at a critical juncture.
If it holds this, everything appears to be in order for another leg to $57K. If it doesn’t, I’m expecting a test to cost roughly $36,000.
Bitcoin’s price has mostly moved lower than $45,000 in the last three sessions. BTC even fell below $43,000 for a brief period. It’s currently consolidating its losses, with immediate resistance near $43,800.
The next major obstacle is near $44,000, above which the price may attempt a more aggressive comeback.
Bitcoin Accumulation Increases
On the flip side, the largest Bitcoin wallets appear to be buying the dip during the current market correction, adding upwards of 6,000 BTC in a single day.
According to CryptoQuant analysts, amid the recent market dip, the major Bitcoin wallets have been adding actively.
After two days of continuous selling, the BTC price has gotten some relief. Following a period of consolidation, the price exhibits new selling pressure, pushing it near the immediate support level.
If the BTC purchasers can maintain the level on a daily closing basis, they will attempt to reclaim the psychological $50,000 level.
From the lows of $37,500 to the latest swing highs, BTC has risen roughly 30%.
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Source: https://coinpedia.org/bitcoin/bitcoin-at-crucial-levels-50k-or-36k-whats-next-for-btc-price/