Godfrey Benjamin
Market analyst Ali Martinez pointed out an important Bitcoin (BTC) price support level to keep an eye on
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Bitcoin (BTC) has been on a correction course for several days and shows no signs of stopping. The bearish market situation suggests that traders are still divided over whether to proceed with buying or continue trading. At the time of writing, Bitcoin was changing hands for $41,523.41, down 1.88% in the last 24 hours. Over the week, the top asset fell by 0.53%, falling to $40,234.58.
Despite the market's gloomy mood, top analyst Ali Martinez's latest post suggests there is no need to panic yet. This is because he believes the price of BTC has found solid support between $37,150 and $38,360. At this level, a total of 1.52 million addresses purchased 534,000 BTC, forming a solid wall that could shield the top coin.
Should the bulls decide to embark on another uptrend for Bitcoin, Martinez also has two major resistance walls to watch out for. These are the points at $43,850 and $46,400. Martinez believes that these levels are capable of keeping the BTC uptrend in check.
Bitcoin (BTC) price triggers remain in place
Despite the ongoing downtrends, Bitcoin's price still has key fundamentals that drove it from a one-year low of $16,398.14 to a high of $44,702. This ultimate trigger is the Exchange Traded Fund (ETF) Bitcoin spot sentiment.
Investors in the US are optimistic that the Securities and Exchange Commission (SEC) will soon give the green light to this product after the Winklevoss twins made the initial application about ten years ago.
With the next approval window starting in January, optimism is high and investors are likely to increase the price to a reasonable discount before a rush occurs should the product finally be approved by the regulator and trigger a massive buying rush.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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