Bitcoin (BTC) price has shown three significant price signs over the last 14 months that form important support zones. According to data from followed crypto analyst Ali Martinez, the $16,500, $26,770, and $42,550 price levels are important support zones to watch out for.
The price of Bitcoin has followed a very unstable course, with fluctuations rising from $ 19,628.25 to $ 48,969.37 in the last year.
At the time of writing, the price and market value of BTC increased by 2.72% to $ 43,391.51 and $ 851,005,314,010 in 24 hours, while the transaction volume increased by 51.86% to $ 22,674,985,226.
In the midst of price movement, BTC has safety price levels that can make or break any price trend in the short term.
Bitcoin Support Zones
According to the analyst, the $16,500 level became a very important support level for the coin in November 2022. This coincides with the collapse of Sam Bankman-Fried’s FTX Exchange, contributing to negative sentiment in the market. came.
Over 516,000 #BTC have been transacted within key price ranges: $16,500, $26,770, and $42,550.
NEWS CONTINUES BELOW– The $16,500 level was a crucial support in November 2022.
– Meanwhile, $26,770 sustained #Bitcoin‘s price during the summer of 2023.
– Now, $42,550 may emerge as the most critical… pic.twitter.com/kjwxjUhmu4— Ali (@ali_charts) January 29, 2024
Koinfinans.com As we reported, Bitcoin also found support at $26,770, where it turned into support in the summer of 2023. The market at that time crypto- While it was showing signs of recovery from its winter, a series of lawsuits filed by the US SEC on trading platforms dampened sentiment.
Considering that the coin has flipped this level in different ways over the past month, $42,550 is acting as the current support level.
According to Martinez, a total of 516,000 BTC has been accumulated from these regions, which underlines how important they are in the Bitcoin ecosystem in general.
Trend observation shows that Bitcoin price almost always returns to the previous support zone. This means that within the next few months, Bitcoin may surpass its current level in a historical reality check.
Spot Bitcoin ETFThe existence of ‘s and the upcoming halving event complement the historical trends that may emerge in existence in the coming days.
Source : The Crypto Basic