Bitcoin attracts mega whales with new moves and finds support at the $16,800 level

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Bitcoin price is ready to break out of its triangle formation after establishing new support at the $16,800 level. The cryptocurrency has attracted large wallet investors to its network with a fresh 100-week checkpoint below the $17,000 level. Experts believe that the $16,800 level is the potential new low for the asset, it is the level where the most volume has been traded in the past 100 weeks.

Bitcoin, the largest asset by market cap, has seen a steady decline in volatility over the past eight weeks. Despite the drop in activity on the Bitcoin network, analysts have identified a potential floor at the $16,800 level and believe that BTC is likely to hold firm at this volume checkpoint.

Also Read: Bitcoin Price Holds Steady After FOMC Minutes Release, Will BTC Rally Soon?

Bitcoin Establishes New Volume Control Point Below $17,000

Bitcoin, the dominant cryptocurrency with a market cap of $356 billion, formed support at the $16,800 level. BTC recently broke above the 50-day exponential moving average (EMA) and the 200-day EMA. Bitcoin reversed both of its long-term moving averages and formed new support at the $16,800 level.

Experts have identified a new 100-week checkpoint below the $17,000 level. @TrendRidersTR, a crypto analyst and trader has identified the $16,800 level as a key BTC price support zone.

BTC/USD Price Chart

As shown in the chart above, the 100-week control point is at the $16,800 level, the 200-week POC is at $9,200, and the 300-week POC is at $3,700. The POC is a key level for an asset as it represents the highest traded volume level in the chart of a cryptocurrency, it acts as a fundamental support/resistance level.

The largest asset by market capitalization has been trading in an increasingly tight trading range since the FTX saga in November 2022. Contrary to popular belief, the price of Bitcoin may continue to rise against the USD.

The expert was quoted:

~16.8K is the new weekly 100 POC for Bitcoin. Simply put, over the past 100 weeks, this is the level where most volume has been traded, creating potential bottom formation.

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