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

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.

Analyst Analysis On Bitcoin Michaël van de Poppe, a prominent figure in the realm of crypto analysis, recently shared 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.

#Bitcoin 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. — Michaël van de Poppe (@CryptoMichNL) February 12, 2024 Further echoing this challenge, IntoTheBlock highlighted 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 purchased nearly 270,000 BTC at an average price of $48,491.

Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving 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.

Bitcoin has set its sights on $50k! To get there, there is one important resistance level left.

Over 800k addresses acquired nearly 270k $BTC 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…

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