2024-02-24
News Tobtc News

Bitcoin May Face Stiff Resistance Near $48.5K, On-Chain Analysis Shows

Bitcoin (BTC) has seen a near-90-degree recovery from $38,500 to $48,000 in three weeks, alongside notable inflows into spot BTC exchange-traded funds (ETFs) and a record bullish move in stocks.
Analysts expect prices to top $52,000 in the coming weeks and eventually rally well above $100,000 by the end of the year.

Per IntoTheBlock, nearly 270,000 BTC ($12.96 billion) held by more than 800,000 crypto addresses have an average acquisition cost of $48,491. Some of these addresses might liquidate their bitcoin holdings once the cryptocurrency’s price rises to $48,491, arresting bullish momentum.

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