Waves

Bitcoin

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 <p>Bitcoin has experienced another surge, reclaiming the $44,000 mark with notable momentum in recent days. Technical analyst Cryptonary, in a recent tweet, highlighted the cryptocurrency’s significant move from $40,000 to nearly $44,000 since Monday.</p> 
 <p>Despite this positive momentum, Cryptonary warns that BTC is currently overbought on major timeframes, signaling the potential need for a pullback. The analyst advises caution and recommends waiting for corrections before considering further investments.</p> 
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    <p lang="en" dir="ltr">Bitcoin blasts off to $44k$BTC has had a great move, from $40k to $44k since Monday.<br><br>We can go higher. But we're overbought on all major timeframes. OI is up, and Funding is very positive.<br><br>Longs now look overweight. We'd wait on pullbacks to buy more.<br><br>Deeper insights⬇️… pic.twitter.com/jpFR62S8Jx</p> 
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    </div> — Cryptonary (@cryptonary) December 6, 2023
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 <p><strong>Also read:&nbsp;Shiba Inu To 1 Cent? Google Bard Predicts When SHIB Could Hit $0.01</strong></p> 
 <h2 class="wp-block-heading" id="h-can-bitcoin-sustain-the-momentum-to-hit-50-000">Can Bitcoin sustain the momentum to hit $50,000?</h2> 
 <p>In terms of technical and market <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, BTC is facing local resistance around the low $44,000. BTC now has support at $42,300 and significant resistance at $45,600. Major timeframes indicate Bitcoin’s overbought status, urging caution in chasing the current upward trend.&nbsp;</p> 
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 <p>Cryptonary stated that open interest has surged by 10% in 24 hours, reaching $20.22 billion. However, the OI-weighted funding rate remains balanced at 0.01%. The analyst notes that Bitcoin maintains a healthier balance in terms of positioning compared to most altcoins, despite the positive funding in the altcoin market.</p> 
 <p><strong>Also read: Robinhood Makes Waves in European Markets With Free Crypto Trading App</strong></p> 
 <p>The analyst also points out potential exhaustion in the upward movement, emphasizing overbought conditions on larger timeframes. Cryptonary suggests that a substantial downward movement may be necessary to flush out excess leverage, making a cautious approach advisable for potential investors.</p> 
 <p>The upcoming Bitcoin halving event, a significant BTC event, is known to impact its supply dynamics and has historically influenced market sentiments. WatcherGuru has introduced a live Bitcoin halving countdown, where anyone can get the live countdown of the halving event. You can check out the real-time Bitcoin Halving Countdown <strong>here</strong>.</p> 
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 <p>The <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> gives a hint that BTC hitting $50,000 is currently out of the picture. However, the market is quite unpredictable, and caution is always advised.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-regains-44-000-once-again-will-btc-hit-50-000-soon-tbt72876.html">https://thebittimes.com/bitcoin-regains-44-000-once-again-will-btc-hit-50-000-soon-tbt72876.html</a></p>

Bitcoin Regains $44,000 Once Again, Will BTC Hit $50,000 Soon?

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TheBitTimes

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