Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-encounters-defining-supply-and-demand-zones-as-market-watches-closely" rel="noopener noreferrer nofollow">Bitcoin Encounters Defining Supply and Demand Zones as Market Watches Closely</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-etf-approval-signals-paradigm-shift-in-digital-assets" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading cryptocurrency, is currently hovering around the $51,000 mark after experiencing a period of lateral movement. It retreated slightly after peaking near $52,000 at January’s end, marking its first negative weekly close in almost a month. The digital asset’s market capitalization stands at over $1 trillion. Despite the anticipation of a rally before the upcoming block reward halving in March, some analysts from JPMorgan believe that this event’s effects may have already been factored into the price.</p>
<h2 id="crucial-resistance-and-support-define-bitcoin-s-next-moves">Crucial Resistance and Support Define Bitcoin’s Next Moves</h2>
<p style="text-align: justify">Prominent cryptocurrency analyst Ali Martinez has identified two pivotal supply zones shaping Bitcoin’s immediate price direction. The primary support zone is situated between $50,000 and $51,570, where a substantial group of wallet addresses owns a significant portion of Bitcoin. Conversely, a resistance zone looms above, ranging from $51,640 to $53,200, with numerous wallet addresses holding a considerable quantity of Bitcoin. Martinez points out that exceeding $52,250 might prompt substantial market liquidations.</p>
<p style="text-align: justify">According to Martinez’s analysis, if Bitcoin can surpass the resistance zone decisively, it could ascend towards $57,130. However, he cautions that if it fails to maintain support, a downturn to $47,700 could be on the horizon.</p>
<h2 id="analysts-speculate-a-possible-dip-post-halving">Analysts Speculate a Possible Dip Post-Halving</h2>
<p style="text-align: justify">Despite current bullish sentiments, certain market experts warn that Bitcoin’s upward trajectory may be short-lived and suggest investors proceed with caution. Seasoned analyst Michael van de Poppe forecasts that after the halving, Bitcoin’s rally might top out between $54,000 and $58,000, possibly followed by a sharp drop to the $40,000 region.</p>
<p style="text-align: justify">Furthermore, the broader market, including Wall Street, may face significant corrections this year, raising concerns among analysts. Max Keiser, a staunch supporter of Bitcoin, likens the potential downturn to the crash of 1987 and posits that Bitcoin could act as a haven in times of economic turmoil.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-encounters-defining-supply-and-demand-zones-as-market-watches-closely" rel="noopener noreferrer nofollow">Bitcoin Encounters Defining Supply and Demand Zones as Market Watches Closely</a></h5>

Bitcoin Encounters Defining Supply and Demand Zones as Market Watches Closely

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