Bitcoin (BTC) Nears $50,000 Milestone as Crucial Resistance Level Approaches

Bitcoin’s Rally Towards $50,000 Faces Crucial Hurdle

Bitcoin has been steadily climbing higher and recently surpassed $48,000 and $49,000. The next target is $50,000, but there is a crucial obstacle in its way.

Hurdle for Bitcoin’s $50,000 Target

According to on-chain intelligence platform Intotheblock, Bitcoin faces a significant hurdle before reaching $50,000. Over 800,000 addresses have accumulated approximately 270,000 BTC at an average cost of $48,491. While these holders were at a minor loss earlier, they are now in the green as BTC broke above $49,000.

Bitcoin has set its sights on $50k!
To get there, there is one important resistance level left. Over 800k addresses acquired nearly 270k BTC at an average price of $48,491. These addresses are currently in the red and might provide sell pressure as they break even on their… pic.twitter.com/nEw4tP8wUc

— IntoTheBlock (@intotheblock) February 12, 2024

Potential Price Correction and Higher Resistance Level

Another analyst believes that Bitcoin could encounter a brief price correction, with the next significant resistance level around $57,000.

Rise in Bitcoin Whales and Demand for ETFs

Bitcoin’s recent surge aligns with an increasing appetite for risk among investors and strong demand for spot Bitcoin ETFs in the US. These funds have already attracted billions in investment from those seeking exposure to Bitcoin without direct ownership and storage.

Bitcoin whales have been on a buying spree, acquiring 140,000 BTC worth around $6.16 billion in the last three weeks. This surge in whale holdings demonstrates their confidence in the asset’s long-term potential.