The US market is buying Bitcoin at $49,000! Heading towards $52,000?
On February 12, 2024, the price of Bitcoin reached $49,000 in the USA, erasing the 20% drop of the recent weeks. Driven by the American market’s appetite for crypto, Bitcoin could test new annual highs above $52,000 in the coming days.
Bitcoin Erases Its 20% Drop and Approaches $50,000
On this February 12, 2024, the price of Bitcoin reached $49,725, erasing the 20% drop from the past few weeks following the Bitcoin ETF approvals at the beginning of January. The flagship crypto is closing in on the psychological threshold of $50,000, with analysts predicting a possible new all-time high before the next halving scheduled in 65 days.
Bitcoin Faces a Key Resistance at $50,000
According to the on-chain analysis platform Intotheblock, Bitcoin is facing a crucial obstacle before reaching the $50,000 mark. More than 800,000 addresses have accumulated about 270,000 BTC at an average cost of $48,491.
These holders were at a loss until BTC surpassed $49,000 for the first time in nearly two years, allowing them to move into profit. Breaking this key resistance level at $50,000 will require a significant renewal of buying interest. Some analysts even believe that Bitcoin could experience a brief price correction, with the next significant resistance level positioned higher, around $57,000.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.