Bitcoin

The ongoing price correction in Bitcoin (BTC), near the area below the resistance line, suggests that BTC may drop to the $48,000 level in the coming days. On February 26, 2024,CryptoQuant, an on-chain analytic firm, posted on X (previously Twitter) that data on the blockchain and Bitcoin price charts indicate a likely price correction in the coming weeks. What is Holder SORP? The post also added that short-term holders are approaching a selling point, as indicated by the 30-day moving average of short-term Holder SORP. In simple terms, Holder SORP refers to the SORP metric applied to Bitcoin holders, helping calculate the spending behavior of long-term and short-term holders.&nbsp;A high short-term Holder SORP suggests that short-term holders are potentially selling, influencing overall market sentiment and prices. In addition to CryptoQuant’s post, Bitcoin has been consolidating in a tight range between $50,500 and $52,500 for the last 12 days.&nbsp; Bitcoin technical analysis and key levels Expert technical analysis suggests that if the lower level of this consolidation breaks, we may see a downside momentum to $48,000, where the 50 EMA is approaching. Alternatively, if the upper side of the consolidation gives a breakout, we may see a price rise to the $56,000 level.&nbsp;The confirmation of the price movement will enable investors as well as <a href="https://news.todayq.com/bitcoin-whale-makes-1-3b-move-shiba-inu-surges-crypto-market-update/" rel="noopener noreferrer nofollow">traders participate</a> in the market. However, based on the current situation and market sentiment, it appears that the market may hit the $48,000 level in the coming days. Source: TradingView Another prominent analyst and trader, Ali, also made a post on X, presenting his technical analysis regarding Bitcoin’s price and offering his opinion on the momentum. The daily chart indicates a megaphone pattern, and if Bitcoin remains above $50,000 and consistently closes above $53,000, it could act as a catalyst for a potential rally, pushing the price toward $60,520.Bitcoin is currently trading near the $51,400 level, and in the last 24 hours, it experienced a slight 0.48% downside momentum. Over a longer period, in the last 7 days, Bitcoin experienced only a 1.5% downside momentum due to its ongoing consolidation. However, looking at Bitcoin in the last 30 days, it experienced over 25% upside momentum.Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Bitcoin may revisit $48,000 level, analytics firm warn

Todayq News

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