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Bitcoin (BTC) Might Face Plunge to $24,000 If This Level Breaks

Wed, 05/17/2023 - 13:24
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Tomiwabold Olajide
84,897 BTC accumulated by whales in recent weeks
Bitcoin (BTC) Might Face Plunge to $24,000 If This Level Breaks
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Bitcoin (BTC) maintained trading marginally lower and remained below $27,000 on Wednesday as investors closely watched for indications of the U.S. economy.

According to data from CoinMarketCap, the biggest cryptocurrency by market capitalization is currently trading at $26,701, down around 1.3% for the day.

BTC's price has been fluctuating between $26,572 and $27,234 over the last 24 hours.

In light of this, crypto analyst Ali Martinez highlights the important levels to pay attention to that might mark the next direction for the Bitcoin price.

In a new tweet, Ali notes that all eyes are on the most important support level at $26,490, as failing to hold above here might trigger a steeper correction to $24,100 or $23,190.

On the upside, Bitcoin faces stiff resistance, especially between $28,180 and $28,990, where 1.24 million addresses bought 973,220 BTC.

The trend of accumulation is spotted among Bitcoin whales, categorically, those who own 1,000 to 10,000 BTC.

On-chain analytics firm Santiment reports that these large Bitcoin holders have accumulated 84,897 in the past five weeks.

"Bitcoin's key large whale address tier has been on a steady accumulation run over the past 5 weeks, accumulating a combined 84,897 BTC during this time while prices are stagnant. In their previous accumulation cycle in January, prices jumped +34.4%," Santiment analysts wrote while highlighting the potential of a price increase from current levels.

In positive news for BTC, Tether — the company managing the reserves of the biggest stablecoin, USDT — has shared its new investment strategy.

Here's Why Bitcoin (BTC) Suddenly Regained $28K: Details

Starting this month, Tether says it will regularly allocate up to 15% of its realized net operating profits to purchasing Bitcoin (BTC).

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.