In the past 24 hours, Bitcoin (BTC) has dropped to $ 53,000. An imminent price correction is inevitable, as the cryptocurrency has reached its all-time high of $ 61,700.
Crypto trader “Credible Crypto” believes that Bitcoin bulls have a mission to place a shield at the $ 50,000- $ 52,000 price level, because failure to resist above that level may result in a downward trend towards the $ 40.00.
“If BTC bulls want to position themselves and avoid falling to $ 40k, they will do so for $ 50-52k. Again, as I stated weeks ago, I am still inclined to drop to $ 38-40 thousand to complete this correction based on everything I am seeing. “
His feelings are echoed by market analyst and trader Michael van de Poppe, who recently revealed that Bitcoin needs to maintain the $ 55,000 price range to test new maxims.
The strongest on-chain support is at $ 47,400
Network analyst Rafael Schultze-Kraft also investigated the current price consolidation and noted that Bitcoin could drop to $ 50,000 because the network’s strongest support is at $ 47,400.
The $ 46-48k range has emerged as a significant resistance level because almost 1.03 million addresses have purchased more than 425,000 Bitcoins in that price range. In addition, around 500,000 BTC were handled in the amount of $ 47k, showing solid on-chain support.
With this price range being exceeded, it has now been moved from a resistance level to a support level.
A market analyst tweeting under the alias “Credible Crypto” therefore believes that the ball is in the Bitcoin bull court, as it has not yet been determined whether the Bitcoin price correction will result in a trip to the US area. $ 40K or upward momentum for new highs.