Bitcoin: Knocking on the Door of $52,000 Again 🚪🔔
After a positive Nvidia earnings report and successfully absorbing the selling pressure from Genesis Grayscale, Bitcoin is once again approaching the $52,000 resistance level. As the selling pressure subsides, will Bitcoin finally break through and reach new heights?
Bitcoin Supply Dwindling
📉 Bitcoin on exchanges is decreasing significantly, making it harder for OTC desks to source the cryptocurrency. Genesis is also selling around $100 million worth of its GBTC every day, but this selling pressure is expected to last only a few more days.
Source: Coingecko/Trading View
The recent price action of Bitcoin is indicative of a potential breakout. Despite rejections, the price quickly bounces back within the day, and the descending trend line acts as a support level. An ascending triangle pattern is also forming, suggesting a breakout is more likely than a rejection. If the breakout occurs, Bitcoin could rise to around $57,000.
Ethereum Outperforming Bitcoin
Source: Coingecko/Trading View
Ethereum, Bitcoin’s biggest competitor, has started to outperform the leading cryptocurrency. With a more than 2% increase from the opening price, Ethereum is approaching a new local high. Breaking through the upper trend line and resistance will be a challenge, but if Ethereum rides the positive market momentum, it could happen.
Source: Coingecko/Trading View
When comparing Ethereum to its Bitcoin trading pair, a breakout has already occurred. However, it is currently at a resistance level, and it remains to be seen if this breakout is confirmed or merely a fakeout.
Hot Take: Will Bitcoin Break Through the Door? 🚀
With Bitcoin’s supply dwindling and Ethereum outperforming, the cryptocurrency market is primed for potential breakthroughs. Keep an eye on Bitcoin as it approaches the $52,000 resistance level and watch for a possible breakout. Additionally, monitor Ethereum’s performance as it aims to surpass its previous high. Exciting times await in the world of cryptocurrencies.
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