Bitcoin price action
The Bitcoin price has been on a tear, increasing by more than 16% to $44,529 on Dec. 5. This indicates that traders are rushing to buy Bitcoin as the price is expected to rise further. Short-term investors took a small profit, but Bitcoin stayed over $43,000.
At the time of writing, BTC was down 1.41% in the last 24 hours to $43,418.
According to crypto analyst Ali, the Bitcoin price sits on stable support at $42,700. This level is significant, as 642,000 wallets have bought 347,000 BTC here. Hence, if the $42,700 support breaks, all eyes will be on the $38,000 level as the next crucial area to watch.
On the other hand, should the bullish trend continue, Bitcoin might push toward the next major supply zone at $47,300, where 614,000 wallets hold 427,000 BTC.
