2024-02-12 18:01:35
At the moment of writing this article, the price of bitcoin is almost at 50 thousand dollars ( BTC Price ) and the optimistic bulls are already planning for the 50 thousand resistance level. Of course, we are still far from the peak of $69,000 in 2021, but the price of bitcoin is rising very massively following a short correction period. The exchange rate passed the level of 49,000 dollars, which has not been approached for two years, like a knife through butter. However, according to some analysts and analyses, there is a more serious obstacle that can prevent the price level from jumping to 50,000.
The factors driving the current growth of the bitcoin price and the risks
According to Intotheblock, there are more than 800,000 wallet addresses that have accumulated 270,000 BTC at an average price of $48,491. These holders have been at a heavy loss until now. However, as BTC rose above $49,000 once more for the first time in regarding two years, they entered the profit zone. This can be seen in the diagram below. This may even mean selling pressure. Another analyst believes, that following a brief correction, the bitcoin price is racing all the way to the next major resistance level. This is located around $57,000. The recent increase in the price can be explained by the higher risk tolerance of investors. Also, with strong demand for US spot Bitcoin ETFs introduced on January 11th.
Despite the fact that the funds have recently appeared on the market, they have already collected billions in investments from who want exposure to bitcoin without the complexities of direct ownership and storage. Since then, bitcoin whales have also been on a buying spree. Such investors bought 140,000 BTC worth regarding $6.16 billion in the last three weeks. Such a surge in the coins held by the whales indicates that they, too, are confident in the long-term potential of the asset, which has not been deterred by the recent market fluctuations. Many believe that bitcoin’s rise above $47,000 is a true turning point and the beginning of a long-term bull market.
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