---
title: "BTC price dives $1.5K as Bitcoin analysts watch support levels"
url: https://diffcoin.com/btc-price-dives-1-5k-as-bitcoin-analysts-watch-support-levels/
description: "Bitcoin (BTC) staged a fresh day of losses on Dec. 28 as bulls faced an increasingly stubborn range.BTC/USD 1-hour chart. Source: TradingViewBTC price…"
published: 2023-12-28
updated: 2023-12-28
author: "Mila"
site: "Diffcoin"
---

# BTC price dives $1.5K as Bitcoin analysts watch support levels

Bitcoin (BTC) staged a fresh day of losses on Dec. 28 as bulls faced an increasingly stubborn range.

*BTC/USD 1-hour chart. Source: TradingView*

## BTC price denies bulls’ post-Christmas rally

Data from Cointelegraph Markets Pro and TradingView tracked a $1,500 BTC price comedown versus the daily open.

In a firm reminder of the power of overhead resistance, Bitcoin stayed firmly rooted in a corridor now in place for over a week.

Problems to the upside were many and various — as Cointelegraph reported, profit-taking and overly high funding rates were making analysts concerned over what could happen next.

Analyzing the status of play on order books, Maartunn, a contributor to on-chain analytics platform CryptoQuant, eyed increasing bid liquidity being added at $40,000 support on Coinbase.

> [$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw) Coinbase Spot
> 
> Limit bids worth $50 million were placed at the price level of $40,000, equivalent to 1,200 BTC. [pic.twitter.com/ZkLQCjy8Jl](https://t.co/ZkLQCjy8Jl)
> 
> — Maartunn (@JA_Maartun) [December 28, 2023](https://twitter.com/JA_Maartun/status/1740385086053458400?ref_src=twsrc%5Etfw)

Trading resource Material Indicators, meanwhile, noted some buying interest from whales in the current range.

“We are also seeing some small blocks of bid liquidity move up above $42k, perhaps trying to prevent a lower low. Watching to see if it hold,” it wrote in part of a [post](https://twitter.com/MI_Algos/status/1740385159294119967) on X (formerly Twitter) on the day.

An accompanying chart showed liquidity levels for the BTC/USDT pair on largest global exchange Binance.

*BTC/USDT liquidity heatmap for Binance. Source: Material Indicators/X*

## Bitcoin ETF “red flags” concern analyst

Continuing on the immediate outlook, Filbfilb, co-founder of trading suite DecenTrader, cautioned over optimistic BTC price predictions.

***Related: Bitcoin trader with $12K BTC price target warns ‘weeks’ to crypto comedown***

The upcoming approval decision for the first United States Bitcoin spot price exchange-traded fund (ETF) should be no cause for making assumptions, he told X subscribers.

“The increasing competition for who’s calling the highest number for Bitcoin when ETF comes along is a red flag,” he [wrote](https://twitter.com/filbfilb/status/1740376073290887656).

> “If initial capital flows are lacklustre expect a correction.”

Filbfilb is not alone among market participants who see a “sell the news” reaction to an ETF go-ahead, due by Jan. 10, 2024. Previously, however, he forecast a $46,000 BTC price by the April block subsidy halving.

“I’m still of the view that the overall outcome will be a strong 2024 and there would be a pump of some sort on approval, but it’s expected with like 95% certainty,” he added about the ETF.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/btc-price-dives-1-5-k-bitcoin-analysts-watch-support)