Bitcoin ETF

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-short-term-analysis-here-are-the-crucial-levels-btc-price-needs-to-defend/">Bitcoin Short-Term Analysis: Here are the Crucial Levels BTC Price Needs to Defend!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Bitcoin price continues to consolidate within the predetermined region, suggesting the token could continue to exhibit a repetitive price action. As the year-end trade is on the horizon, the star crypto is believed to maintain a sideways trend, as the upcoming spot Bitcoin ETF is expected to have a greater impact than the yearly close. With this, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> heads towards a decisive phase wherein a minor drop may change the direction of the price movement. 
The flagship crypto in the long term continues to trade under the bullish influence, but in the short term, the price flashes the possibility of an interim pullback. The candles have been compressed, suggesting the activity of bulls and bears, which has been compelling the price to trade in a narrow range. These ranges can be considered extremely important, as a huge number of BTC addresses hold a significant amount of tokens at the resistance and support zones. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/99dEIFvzKmc5ObxzM1RzGennYB1DWRTUBOIV6OJZyRr-Y_EMDOf8oD3o7k-ZoIM9q9xWjpine3UyMa_UrwrEwwF7l3z3Wk6K5weQjTvcI-jWGKo9jEwEnO7yfGy66NrNjguvN4zk9gprc3WQi76PzZc" alt="">
</figure> 
As per the data provided by the analyst, <a href="https://twitter.com/ali_charts/status/1741435134107136425">Ali</a>, Bitcoin is positioned between two critical supply walls. The support zone falls between $41,200 and $42,400, where 1.92 million addresses hold nearly 723,500 BTC. Besides, the resistance zone is between $42,500 and $43,750, with 1.67 million addresses holding 706,400 BTC. Therefore, the analyst believes that a sustained close beyond these bounds will help gauge BTC’s trend. 
Collectively, the trend suggests a bullish breakout could be imminent, but the drop in volume and the bullish activity may hinder the progress of the rally for a while. However, the price could further follow a fine rebound to maintain a healthy upswing. 
<blockquote class="wp-block-quote"> 
 “A breakout above resistance may propel BTC towards $47,600, while a dip below support might lead to a correction down to $38,600,” 
</blockquote>

Bitcoin Short-Term Analysis: Here are the Crucial Levels BTC Price Needs to Defend!

CoinPedia News

Other articles published on Dec 31, 2023

Vitalik Buterin Reveals New Ethereum Road Map

A group of 20 whales that accumulated $TRB at levels of $15 made a profit of 270 million dollars ...

Tracing BONK’s journey as it becomes 2023’s top gainer

The Future of Cryptocurrencies: What Lies Ahead?

Top 3 Airdrops of 2023: Arbitrum, Celestia and Blur; Top Presale – Galaxy Fox

Microsoft Launches AI-Powered Copilot App For iOS And iPad Users

Join our free newsletter for daily crypto updates!