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.
A Turning Point for Bitcoin
Bitcoin’s surge past $47,000 is significant as the market is at a turning point, potentially signaling the onset of a full-fledged bull run.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.