Bitcoin

<ul>
 <li>Bitcoin (BTC) experienced a brief dip, retracing to $48,472.</li>
 <li>Bitcoin remains bullish, targeting $51,500.</li>
</ul>
Bitcoin (BTC), after hitting a high near the $50,400 mark, displayed a slight downturn, testing the $48,406 level. However, the largest crypto is currently <a href="https://thenewscrypto.com/crypto-fear-and-greed-index-enters-extreme-greed-zone-amid-bitcoin-rally/" target="_blank" rel="noopener noreferrer nofollow">striving to surpass</a> the $50,000 mark again amidst a backdrop of what analysts are terming a “golden bull phase” in the market.
Despite the prolonged setback, Bitcoin managed to surge above the $48,500 resistance level, briefly breaching the $50,000 threshold before encountering resistance. A new multi-week high near $50,300 was reached before a corrective move ensued, which was the highest level since January 2022.
<h3 class="wp-block-heading" id="h-what-s-next-for-bitcoin-btc">What’s Next for Bitcoin (BTC)?</h3>
The recent slight pullback in Bitcoin’s price coincided with the <a href="https://thenewscrypto.com/u-s-january-cpi-at-3-1-triggers-speculation-on-fed-rate-cut-delay/" target="_blank" rel="noopener noreferrer nofollow">release</a> of January’s consumer price index (CPI) data by the US Bureau of Labor Statistics. The CPI stood at 3.1%, surpassing expectations of 2.9%, prompting a sharp correction across financial markets. Wall Street’s S&amp;P 500 Index witnessed a 1.37% drop, marking its worst CPI-day performance since September 2022.
Also, the global crypto market declined around 0.36%, with Bitcoin retracing to $48,472. However, currently, Bitcoin is trading above $49,550 and the 100-hourly simple moving average, with a key <a href="https://thenewscrypto.com/microstrategy-mstr-soars-33-weekly-amid-bitcoin-price-surge/" target="_blank" rel="noopener noreferrer nofollow">bullish trend</a> line forming around the $49,750 resistance level on the hourly chart of the BTC/USD pair.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-56-1024x516.png" alt="" class="wp-image-91554" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-56-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-56-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-56-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-56.png 1299w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
The immediate resistance is anticipated near the $49,900 level. If BTC successfully breaches the $50,000, it could initiate another significant uptick, with potential targets at $50,400 and beyond.&nbsp;
Conversely, if BTC fails to surpass $50,000, it might trigger another downward correction, with initial support at $49,200. Further downside could see Bitcoin testing support levels around $48,700, with a close below $48,400 potentially indicating increased bearish momentum and a downside target around $47,950.

Bitcoin (BTC) Is Below $50K. Should Investors Worry?

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