Bitcoin analysts describe the $27,300 to $27,700 price range as an accumulation zone to watch, with BTC forming an important support above $28,000.
Bitcoin is trading steadily following a flash rally triggered by fake news regarding the approval of BlackRock’s BTC spot ETF by the United States SEC. The enthusiasm following the news has faded and senior market analysts continue to express their positive view of BTC’s growth move.
Bitcoin Support and Accumulation Levels
Analyst Ali Martinez noted that Bitcoin is currently trading above its Hot Supply Realized Price of $28,150. Realized Hot Supply Reward represents the less active component of an asset’s short-term owner supply.
According to Martinez, if support holds at the price level where this hot supply occurs, Bitcoin will begin a new uptrend. As we reported as Koinfinans.com, BTC increased by 1.14% to $ 28,381.83 in the last 24 hours, and although its volume decreased by 17%, its market value remained stable at $ 554.65 billion.
Michael van de Poppe believes in the current rally but warns that a correction could happen soon. The analyst was “positively surprised” that Bitcoin remained above the $28,000 level despite the impact of the rumor surrounding the BlackRock ETF approval.
According to its chart, BTC has marked key points to watch as it tries to recover. The first point involves the rally that started on September 25 and peaked around October 2. Bitcoin experienced a correction to touch a monthly low on October 12.
With Bitcoin’s rise in recent days, the resistance point recorded on October 2 has finally been reached. Judging by previous BTC reactions; van de Poppe expects a retreat. He labeled $27,300 to $27,700 as a “buy the dip” area that people should pay attention to if this correction occurs.
With the latest event the other day, Bitcoin showed resilience that helped altcoins in their own recovery. BlackRock CEO Larry Fink says Bitcoin rally on ETF news shows investors’ flight to quality. Many believe this is a bullish call.
Martinez and van de Poppe also make an optimistic long-term prediction for Bitcoin, falling in line with other leaders who have bullish predictions for the asset.