Bitcoin price briefly plunges below the crucial $16,500 support level today and touched a low of $16,497. Ethereum price also fell and bounced from $1,185. The uncertainty continues to prevail in the crypto market, with total crypto market volume falling nearly 3% in the last 24 hours. Moreover, MicroStrategy buying Bitcoin recently has confused the market.
Where Is the Bottom For Bitcoin Price?
Bitcoin price is currently trading at $16,591, as per CoinMarketCap. The 24-hour low and high are $16,497 and $16,768, respectively. The BTC price risks falling to $15,600 if it fails to hold above the support level until the month’s end.
Also Read: Bitcoin Price Breaking $17,000 Resistance Is Crucial, Here’s Why
Several on-chain indicators such as MVRV, NUPL, Puell Multiple, and SOPR indicate that the BTC price has already reached the undervalued area. These cycle indicators help analyze the overall phase. However, it is difficult to predict a correct buying time.
UTXOs in Profit and Loss on-chain data indicate an exact level where Bitcoin can be considered undervalued. Bitcoin price trend shifts when the UTXOs in Profit and Loss indicators cross. Historically, the Bitcoin floor was formed during the past three BTC Halvings when the UTXOs in Profit and Loss indicators were crossed.
While the indicators are moving close, they aren’t showing a possibility of a cross. Thus, Bitcoin is not undervalued yet or bottomed out. Traders must keep an eye on a cross in the future to buy Bitcoin at the correct time.
Therefore, the Bitcoin (BTC) price is likely to fall further, and spot hedging and downtrend trading are required.
Crypto analyst Michael van de Poppe believes BTC price can fall to $16,200 if it fails to bounce from $16,400. Whereas, analyst CryptoCapo thinks the entire crypto market looks bad and top altcoins can fall another 50%.
On Wednesday, MicroStrategy reported that it has increased its Bitcoin holdings by 2,500 BTCs and the total holding is 132,500 BTCs now. In fact, experts such as BitMEX co-founder Arthur Hayes strongly believes that the Bitcoin price can hit $100K by the 2023 end or early 2024.
Also Read: Is This The Bottom For BTC Price Hitting $100K in 2023?
Ethereum Price Looks Better Than BTC
Ethereum price is currently trading at $1,200. The 24-hour low and high are $1,185 and $1,20, respectively. Thus, the ETH price is moving strongly as compared to Bitcoin as it didn’t hit the $1,170 support level.
Crypto analysts believe anything above $1,170 would be a good price to buy for the long term. Ethereum price closing above the support will be bullish for Ethereum in 2023. Almost 1.24 million addresses hold around 2.27 million ETH at the $1,170 support level.
Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?
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