Bitcoin (BTC) forms crucial support above $28,000 as top market analysts label the $27,300 to $27,700 price range the accumulation zone to watch.
Bitcoin is trading steady after the flash rally triggered by the fake news of BlackRock’s BTC spot ETF approval by the United States SEC. The euphoria that followed the news has worn out, and top market analysts remain positive on Bitcoin’s growth push.
Bitcoin Support and Accumulation Points
Market analyst Ali Martinez shared a chart that shows Bitcoin now changes hands above its Warm Supply Realized Price at $28,150. The Warm Supply Realized Prize represents the less active component of the short-term holder supply of an asset.
To Martinez, Bitcoin is ready for a new uptrend if the support is maintained at this warm supply realized price level. Bitcoin is up 1.14% to $28,381.83, and though its volume is down by 17%, the market cap holds firm at $554.65 billion.
Fellow analyst Michael van de Poppe believes in the current rally but expects a correction soon. The analyst is “positively surprised” that Bitcoin is holding up above the $28,000 mark despite the impact of the rumor about the BlackRock ETF approval.
Per his chart, he marked out essential points to watch as BTC strives for recovery. The first point features the rally from Sept. 25, which peaked around Oct. 2. Bitcoin experienced a correction to touch a monthly low on Oct. 12.
With Bitcoin’s rally in the past days, it has hit the same resistance point as recorded on Oct. 2. Judging by previous BTC reactions; van de Poppe expects a pullback. Should this correction happen, he labeled the $27,300 to $27,700 points the “buy the dip” area people need to watch out for.
Bitcoin Shows Resilience
With the latest event of the past day, Bitcoin has shown a resilience that is helping altcoins in their respective recoveries. BlackRock CEO Larry Fink says the Bitcoin rally on the ETF news depicts investors’ flight to quality. Many believe this is a bullish call.
Martinez and van de Poppe also maintain an optimistic projection for Bitcoin in the long term, aligning with other leaders with bullish predictions for the asset.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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