The world’s largest cryptocurrency Bitcoin (BTC) has continued to indicate sideways motion as the worth consolidates round $51,000. BTC registered its first damaging weekly closing in round 4 weeks because the Bitcoin worth began a rally in direction of $52,000 in late January. At press time, BTC is buying and selling 0.14% down at a worth of $51,500 with a market cap of $1,011 billion.
Key Bitcoin (BTC) Worth Vary to Watch
Whereas everyone seems to be eagerly awaiting a rally in March forward of the Bitcoin halving event, JPMorgan believes that the rally is already priced in.
Fashionable crypto analyst Ali Martinez experiences that the Bitcoin worth is buying and selling between two important provide zones that might decide its short-term trajectory. The primary provide zone, serving as a essential help stage, ranges from $50,000 to $51,570, the place roughly 1.3 million addresses maintain a complete of 670,220 BTC.
Conversely, the second zone, performing as a formidable resistance barrier, spans from $51,640 to $53,200, with 752,600 addresses collectively holding 351,600 BTC. Nevertheless, citing information from Coinglass, Martinez additionally famous that “$76.38 million will likely be liquidated throughout the board if Bitcoin worth jumps to $52,250!”
Analysts counsel {that a} decisive break above the resistance zone might pave the way in which for a bullish upswing towards $57,130. Conversely, failure to carry above the help zone could sign a corrective motion in direction of $47,700.
BTC Worth Drop to $40,000 Not Dominated Out
Some market analysts have additionally requested traders to be cautious at this stage noting that Bitcoin worth upside appears to be like restricted from right here onwards. Crypto analyst Michael van de Poppe expressed uncertainty concerning the potential of an imminent correction in Bitcoin’s worth.
He anticipates that the present rally might attain its peak inside the $54,000 to $58,000 vary. Following this peak, he predicts a major correction to the $40,000 to $42,000 vary, probably occurring after the halving occasion.
Moreover, many market analysts predict a significant correction on Wall Avenue this yr. Final week, Bitcoin maximalist Max Keiser said {that a} 1987-like correction is probably going on Wall Street. Traditionally, Bitcoin worth and the crypto market have crashed each time there’s been a significant correction on Wall Avenue. Nevertheless, Max Keiser believes that Bitcoin will show to be a risk-off asset this time.
This can be a widespread misperception; #Bitcoin is a risk-off asset and the best secure haven asset out there. https://t.co/dqltY7eGzq
— Max Keiser (@maxkeiser) February 25, 2024
The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
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