Bitcoin

<p><strong>Bitcoin is currently facing a critical test in relation to its price. Between $42,560 and $43,245, there is a massive buying wall that has yet to be liquidated. This major support zone is likely to determine the short to medium term trend. Let’s examine the implications for crypto depending on whether this floor holds or gives way.</strong></p>
<h2 id="h-maintaining-bitcoin-above-42-560-43-245-could-pave-the-way-to-new-highs">Maintaining Bitcoin above $42,560-$43,245 could pave the way to new highs</h2>
<p>It is estimated that about 1.11 million bitcoins have been accumulated by investors between <a href="https://www.cointribune.com/en/bitcoin-collapse-below-42000-liquidations-accelerate/" target="_blank" rel="noopener noreferrer nofollow">$42,560</a> and $43,245. During the past few months and up to now, they have remained unsold. This is one of the most significant buying walls in volume seen in several years.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>As long as the Bitcoin price manages to stay above this key support level, its structural bullish trend is not fundamentally questioned. A consolidation above this floor would confirm the strength of the positive momentum of recent months.</p>
<p>If it firmly anchors its price to this base, the cryptocurrency would have a healthy foundation to continue its upward movement. No major resistance zones are on the horizon that could block a new advance towards its all-time highs.</p>
<h2 id="h-breaking-through-could-lead-to-a-drop-towards-26-770-30-220">Breaking through could lead to a drop towards $26,770-$30,220</h2>
<p>Conversely, if the selling pressure intensifies and the support wall between $42,560 and $43,245 breaks and no longer serves its role, the bullish momentum of recent months would be significantly weakened.&nbsp;</p>
<p>A decisive break below this floor signals a <a href="https://twitter.com/ali_charts/status/1744079685888180332" target="_blank" rel="noopener noreferrer nofollow">bearish acceleration</a> and a more marked correction. The next major support level is between $26,770 and $30,220. This represents an area of massive buying concentration dating back to the second half of 2021.</p>
<p>A return to the $20,000 floor reached during the previous bear market of 2018-2020 is not ruled out in case of a panic movement and capitulation. Such a drop would have negative consequences on the entire crypto ecosystem.</p>
<p>The ability of Bitcoin to maintain its price above the $42,560-$43,245 range should be a determining factor for the behavior over the next few weeks, or even months. Consolidation at this level would temporarily ward off the scenario of a major bearish reversal. Conversely, any sustained breach of this critical support would be the signal for a deepening correction. The upcoming sessions are therefore crucial for the crypto market.</p>

The crypto support wall for Bitcoin is located between $42,560 and $43,245

Table of Contents

Cointribune EN

Other articles published on Jan 8, 2024

Solana Price Prediction: Can Flashing Buy Signals And ETF Approval Blast SOL To $125?

Figure’s Humanoid Robot Masters Autonomous Learning

Oil Prices Fall After Saudi Price Cut, WTI Futures Down 3.4%

Dogecoin Rally Linked to Surging Network Addresses; Celestia and InQubeta Target Upcoming Bullish...

DCG Announces Successful Repayment of Genesis’ Loans, Clears $1B Debt

2024 begins with a surge in cryptocurrency investments led by institutional players: Report

Join our free newsletter for daily crypto updates!