Over 1 Million Bitcoins Fortify This Support Level as BTC Positions for Next Parabolic Leg Up
According to analyst Ali, over 1 million bitcoins were last transacted around the $42,560 price level. This suggests there is major support around this zone, making it unlikely bitcoin would drop sustainably below this key level in the future.
As Ali stated in a recent tweet:
“With 1.02 million $BTC last transacting within the $42,560 price range, it would be surprising to see #Bitcoin sustain a drop below this critical support level in the future. Conversely, the main resistance levels to monitor are $47,360 and $56,970.”
With bitcoin currently trading around $44,685, it is holding above the identified support area. Breaking above the noted resistance levels could signal further upside ahead.
BTC Dominance Breakout Preceding Impulse Move
In addition to bitcoin building significant support, analyst CredibleCrypto points to a key technical breakout for the cryptocurrency that could precede major price gains.
As they explained:
“Every break of the local downtrend on $BTC dominance has preceded or followed the start of a major impulsive move…We just broke the local downtrend on $BTC dom with yesterday’s close. What followed this tweet was a $25,000 impulse to the upside. Watch for the next break of the local downtrend on BTC dominance for further confirmation that the next major impulse is in play.”
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Show more +The analyst is pointing to a key relationship between Bitcoin dominance and the start of major price moves. Bitcoin dominance refers to Bitcoin’s market capitalization as a percentage of the total crypto market cap.
The quote highlights that historically, every break of the local downtrend in Bitcoin dominance has either preceded or followed the start of a “major impulsive move” in Bitcoin’s price.
So based on this relationship, the analyst is expecting another major impulsive rally soon following this Bitcoin dominance uptrend break. The magnitude of the coming move could be on the order of $25,000 or more.
So with strong support formed and a technical indicator signaling a coming parabolic advance, the stage appears set for Bitcoin’s next major price impulse in the not-too-distant future.
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