Bitcoin (BTC) Prices Remain Strong on Critical Support Level

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  • During the last several days, Bitcoin has reclaimed roughly $1,000.
  • There will be a lot of opposition on the way to $48,000 for bitcoin.

As seen on Wednesday, the bullish case for bitcoin (BTC) remains strong above the critical support level of roughly $42,000. IOMAP (In/Out of the Money Around Price) data from IntoTheBlock shows that bitcoin is now sitting at the final level of critical support.

Between $41,180 and $42,470, many Bitcoin addresses are still in the black, indicating that they acquired the currency at this price and are unlikely to sell at a lower price. More than 1.22 million addresses have already obtained 615,000 BTC inside this area. The bulls are battling it out here, as seen with the trade volume.

BTC/USDT: Source: TradingView

Whales Back in Action

During the last several days, Bitcoin has reclaimed roughly $1,000. Whales have amassed an additional 40,000 BTC in the last three days alone. The whales are returning to their pre-dump BTC holdings of $49,000.

There will be a lot of opposition on the way to $48,000 for bitcoin if it recovers from $42,500. Nearly one million addresses have 316,000 BTC at a price of $43,700. The addresses may desire to close out their investments if the price of the premier crypto hits that level.

To reach the $48,000 mark, a total of 5.7 million addresses containing 1.54 million BTC must pass through. Bulls may find resistance around $48,000, given the trend of lower price highs since November, suggesting that upside is likely restricted to the $43,000-$45,000 range. According to CoinMarketCap, the Bitcoin price today is $43,299.58 USD with a 24-hour trading volume of $18,609,664,583 USD. Bitcoin has been up 2.70% in the last 24 hours.

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