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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Analyst: 4 Crucial Support Levels To Watch If BTC Falls

Dalmas Ngetich
Dalmas Ngetich
10 months ago
3 mins read
Bitcoin crash

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Bitcoin is trending lower when writing, cooling off after the encouraging leg up on August 23. Although the uptrend remains, and the coin is not far away from $63,000, there is no discounting the possibility of sellers pressing on. The alignment with the dip of early August could trigger another wave of liquidation, causing panic.

Bitcoin Shaky, The First Two Levels To Watch

Technically, Bitcoin is within a bullish breakout formation from the bull flag established after the expansion on August 8.

Additionally, from a volume analysis perspective, bulls stand a chance since prices are still inside the bull bar of August 23. As long as trading volume remains light as prices trickle lower, buyers may jump back and drive prices higher above $66,000.

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Even so, assuming Bitcoin bears have the upper hand, one analyst on X thinks it will be important for traders to closely monitor how prices will react at the following four reaction lines. From the Bitcoin cost-basis comparison via CryptoQuant, the first support level, now resistance following the ongoing dump, is $63,450.

Bitcoin support levels to watch | Source: @ali_charts via X
Bitcoin support levels to watch | Source: @ali_charts via X

At this price point, the analyst said this is the average price at which new whales buy BTC. It remains to be seen whether prices will recover and print above $64,000 in the coming days.

However, the fact that whales are in the picture is a net positive. Typically, whales, unlike retailers, tend to be HODLers and won’t be shaken off whenever prices fluctuate.

If bears are unyielding and prices break below $60,000, the analyst continued traders should watch how prices react at $55,540. From the trader’s analysis, Binance users have placed their support at $55,540. Therefore, prices dropping below this level could easily trigger panic selling as traders on this exchange dump scramble for safety.

Miners And Long-Term Holders: The Last Walls

A level deeper, a key support level will be $44,400. This zone is where most miners are deemed profitable. As long as prices trade above this line, most miners, most of whom are whales, can HODL, expecting price gains. In early August, Bitcoin fell hard but didn’t breach this zone, highlighting its importance regarding BTC price action.

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Below this, $25,000 is another accumulation level that traders will watch out for if there is a general collapse. The $25,000 is the average price at which long-term holders (LTHs) bought. LTHs are those who bought BTC over 155 days ago.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

This cohort mostly comprises whales and network believers. Technically, a break below $50,000 and August 2024 lows might be the basis for another leg down to $40,000 and worse.

While bears might take over, there are also supportive factors that continue to spur bulls on. One of the world’s largest asset managers, BlackRock, recently added BTC to its Strategic Global Bond Fund as a hedge against traditional assets. Its spot Bitcoin ETF, IBIT, already holds billions of BTC on behalf of its institutional clients.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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