Shiba

Hope

Strong

Shiba Inu

<p>Bitcoin recently rallied to $53,000 but has since dropped back down to around $51,000. According to<a href="https://twitter.com/ali_charts/status/1758881979393581554?t=9HPfmsrGzFXtbcgtgGFQnA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> crypto analyst Ali</a>, if Bitcoin fails to quickly reclaim the $52,000 level, it risks facing an 8% correction. This could potentially send the price down to the range between $48,000 and $46,500.</p>
<p><strong>Significant Support Lies Below Around $46,500</strong></p>
<p>However, Ali notes there is significant support between $48,000 and $46,500, with over 1 million addresses holding more than 544,870 BTC in that price range.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="416" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-1024x416.png" alt="" class="wp-image-439945" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-1024x416.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-300x122.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-767x312.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-1536x625.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-2048x833.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-369x150.png 369w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-100x41.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-861x350.png 861w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666-788x320.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-666.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This large accumulation of BTC indicates strong support on the chart. As such, any drop towards $46,500 could be met with significant buying pressure from bulls looking to defend this key level.</p>
<p>So while Bitcoin remains vulnerable to a correction if the $52,000 level is not reclaimed quickly, major support below $50,000 suggests any drop may be limited. As long as the critical support around $46,500 holds, the medium-term outlook could remain bullish.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoins-btc-price-could-start-dropping-if-key-level-not-reclaimed-but-this-strong-support-offers-hope/" rel="noopener noreferrer nofollow">Bitcoin’s (BTC) Price Could Start Dropping If Key Level Not Reclaimed, But This Strong Support Offers Hope</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin’s (BTC) Price Could Start Dropping If Key Level Not Reclaimed, But This Strong Support Offers Hope

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