2024

Bitcoin

Resistance

The crypto market is currently abuzz with discussions on Bitcoin (BTC), as it teeters on the brink of reaching the $50,000 threshold. This is fueled by the fast-approaching halving as well as a “bullish divergence” observed over the past week, with Bitcoin breaking past the $48,000 mark. 
<h2 id="analyst-analysis-on-bitcoin">Analyst Analysis On Bitcoin</h2> 
Michaël van de Poppe, a prominent figure in the realm of crypto analysis, recently <a href="https://x.com/CryptoMichNL/status/1756943215121310044?s=20" target="_blank" rel="noopener nofollow">shared</a> insights on the bullish divergence. Van de Poppe pointed out the notable weekly candle that propelled Bitcoin’s value beyond $48,000, signaling a potential challenge at the $50,000 resistance level in the near term. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> looking at the resistance. 
 Massive weekly candle, through which Bitcoin is back above $48,000. 
 I’m personally interested what price will do around $50,000 in the upcoming 1-2 weeks. <a href="https://t.co/6I927U20pg" target="_blank" rel="noopener nofollow">pic.twitter.com/6I927U20pg</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1756943215121310044?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 12, 2024</a>
</blockquote> 
Further echoing this challenge, IntoTheBlock <a href="https://x.com/intotheblock/status/1756988272910196941?s=20" target="_blank" rel="noopener nofollow">highlighted</a> a key obstacle Bitcoin faces on its path to $50,000 in the latest post. The firm identified a crucial resistance level, noting that over 800,000 addresses have <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-buzz-accumulation-trend-peaks-at-a-3-year-high-whats-driving-the-surge/" target="_blank" rel="noopener ">purchased nearly 270,000 BTC</a> at an average price of $48,491. 
Currently, at a loss, these holders may exert selling pressure as Bitcoin approaches its break-even point, potentially impacting its ascent to the coveted $50,000 mark. 
<blockquote class="twitter-tweet"> 
 Bitcoin has set its sights on $50k! To get there, there is one important resistance level left. Over 800k addresses acquired nearly 270k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> 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… <a href="https://t.co/nEw4tP8wUc" target="_blank" rel="noopener nofollow">pic.twitter.com/nEw4tP8wUc</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1756988272910196941?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 12, 2024</a>
</blockquote> 
Over the past week alone, Bitcoin’s value has increased by more than 10%, igniting discussions among crypto enthusiasts and experts regarding its future trajectory. This bullish momentum and the impending <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving/" target="_blank" rel="noopener ">halving event</a> reinforce optimistic stances within the crypto sphere about Bitcoin’s value proposition. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/uxrpsCMp/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
<h2 id="bullish-outlook-on-btc-and-market-sentiment">Bullish Outlook On BTC And Market Sentiment</h2> 
Amid this bullish phase, several crypto analysts and market observers have <a href="https://www.newsbtc.com/news/bitcoin-2024-forecast-analyst-predicts-surge/" target="_blank" rel="noopener ">put forward their forecasts</a> regarding Bitcoin’s potential price movement shortly. Crypto Rover, another analyst with a significant following, suggested that surpassing the $48,500 resistance and reaching the 0.618 Fibonacci level could set Bitcoin on a <a href="https://www.newsbtc.com/news/bitcoin-optimism-analysts-signal-potential-new-all-time-high-for-btc-in-2024/" target="_blank" rel="noopener ">path to the “official trend reversal to a bull market.</a>” 
<blockquote class="twitter-tweet"> 
 Once <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> breaks the $48,500 mark, better said, the 0.618 Fibonacci level, 
 that will mark the official trend reversal to a bull market. I’m keeping a close eye on this level! <a href="https://t.co/ne2SvugHRp" target="_blank" rel="noopener nofollow">pic.twitter.com/ne2SvugHRp</a> 
 — Crypto Rover (@rovercrc) <a href="https://twitter.com/rovercrc/status/1756267263823683701?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 10, 2024</a>
</blockquote> 
Furthermore, data from IntoTheBlock indicates a positive trend regarding Bitcoin address profitability. Currently, <a href="https://www.newsbtc.com/news/bitcoin-price-nears-50000-milestone-again-with-91-of-addresses-now-in-profit/" target="_blank" rel="noopener ">91% of Bitcoin addresses are profitable</a>, with the total number of addresses in profit at 46.87 million, accounting for 90.53% of all addresses. 
This is contrasted with 3.44 million addresses that are still at a loss. IntoTheBlock’s analysis also <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noopener nofollow">reveals</a> that most addresses that purchased BTC within the $40,919.92 to $55,413.77 range are now profitable, underscoring a bullish sentiment among Bitcoin holders. 
Featured image from Unsplash, Chart from TradingView

Bitcoin’s Race To $50,000: Analyst Highlights Key Resistance And Market Dynamics

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