- 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.
$BTC price analysis
— IntoTheBlock (@intotheblock) January 19, 2022
1/ Support
The IOMAP reveals that #Bitcoin currently sits at the last level of crucial support
Between $41,18k and $42,47k, more than 1.22m addresses previously acquired 615k BTC. As evidenced by the level of trading activity, bulls are fighting to hold here pic.twitter.com/GpN4cTmKNY
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.
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.
