Still far short of its 2021 peak of almost $69,000, Bitcoin has been steadily climbing higher despite the ETF-induced correction. This week, it surpassed $48,000 and $49,000, a level not seen in nearly two years, with the $50,000 target now in focus.
However, data suggest that there’s a crucial hurdle that Bitcoin needs to overcome before eventually claiming the target.
According to the popular on-chain intelligence platform Intotheblock, Bitcoin is eyeing the $50,000 mark but faces a crucial obstacle.
With over 800,000 addresses having accumulated approximately 270,000 BTC at an average cost of $48,491, these holders were at a minor loss earlier today. However, as BTC broke above $49,000 for the first time in about two years, they have gone into green territory.
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
Another analyst believes that Bitcoin could potentially encounter a brief price correction, with the next significant resistance level for Bitcoin positioned much higher, around $57,000.
Bitcoin’s recent surge coincides with an increasing appetite for risk among investors, and specifically, strong demand for spot Bitcoin ETFs in the US introduced on January 11.
Despite being newly introduced to the market, the funds have already amassed billions in investment from those seeking exposure to Bitcoin without the complexities of direct ownership and storage.
Since then, Bitcoin whales have been on a buying spree. In fact, such investors have acquired 140,000 BTC – worth around $6.16 billion – within the last three weeks.
This surge in whale holdings indicates their confidence in the asset’s long-term potential, undeterred by recent market fluctuations.
Meanwhile, Bitcoin’s surge past $47,000 was also important as the market is currently at a “turning point,” hovering on the brink of what could be the onset of a full-fledged bull run.
The post Bitcoin (BTC) Inches Closer to $50,000 with Key Resistance Level Ahead appeared first on CryptoPotato.
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