Bitcoin

<p><a href="https://twitter.com/ali_charts/status/1732511458389262761" target="_blank" rel="noopener noreferrer nofollow">Crypto analyst Ali </a>recently posted an update on Bitcoin’s price action on Twitter. According to Ali, Bitcoin is currently sitting on stable support at $42,700. This level is quite significant, as data shows approximately 642,000 Bitcoin wallets have purchased roughly 347,000 BTC at this price level.</p>
<p>Should the current bullish trend continue gaining momentum, Ali speculates we may see the Bitcoin price push up toward the next major supply zone at $47,300. Data indicates about 614,000 wallets hold approximately 427,000 BTC at that higher price range.</p>
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<p><strong>Support Holds For Now</strong></p>
<p>However, if the $42,700 support level breaks down, Ali cautions that all eyes will turn to the $38,000 mark as the next critical support area traders will watch closely. A decline to that lower price range would mark a retest of the previous 2022 lows for Bitcoin.</p>
<p><strong>Community Response</strong></p>
<p>The crypto community is keeping a close eye on Bitcoin’s price action at these levels amid the ongoing market volatility. As the largest cryptocurrency continues consolidating, many analysts view the stability around $42,700 as an encouraging bullish signal. However, the potential remains for renewed downside if bearish momentum returns.</p>
<p>Ali’s analysis summarizes the current state of limbo Bitcoin finds itself in between bullish and bearish scenarios playing out next. For now, the bulls appear to be defending the $42,700 support zone, but it’s unclear whether this marks the bottom or if another leg down toward $38,000 is still ahead. The coming days and weeks may reveal which path the iconic cryptocurrency takes from here.</p>
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<p>The post <a href="https://captainaltcoin.com/642k-bitcoin-wallet-buys-at-support-strengthening-bullish-signal-but-price-breakdown-could-drive-btc-to-this-level/" rel="noopener noreferrer nofollow">642K Bitcoin Wallet Buys at Support Strengthening Bullish Signal, but Price Breakdown Could Drive BTC to This Level</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

642K Bitcoin Wallet Buys at Support Strengthening Bullish Signal, but Price Breakdown Could Drive BTC to This Level

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