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

Bitcoin recently rallied to $53,000 but has since dropped back down to around $51,000. According to crypto analyst Ali, 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.

Significant Support Lies Below Around $46,500

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.

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.

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.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.