IntoTheBlock: bitcoin will face resistance at the $48 500 mark

Experts believe that addresses who bought bitcoins at an average price of $48 491 may start selling assets when they reach the breakeven point

12.02.2024 - 15:26

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The material is not an investment recommendation and is published for informational purposes only.

What’s new? Analysts on the IntoTheBlock platform expect the bitcoin price to reach the $52 000 mark in the coming weeks and rise above $100 000 by the end of the year. However, there is one important resistance level left to achieve this goal — $48 500. As of February 12, 15:25 UTC, BTC is trading at $48964 on Binance, having added 0,08% over the day and 11% over the week (data from the CoinGecko aggregator).

Source: Twitter.com

What else is known? According to experts, over 800 000 addresses bought nearly ~270 000 BTC (~12,96 billion) at an average price of $48 491. IntoTheBlock believes that some of them may start selling assets when they reach the breakeven point.

CryptoQuant: Reduced selling pressure from miners caused BTC to rise above $46 000

The largest mining companies in the United States continue to increase their bitcoin reserves

On February 11, bitcoin reached its highest weekly close since December 2021 at $48 315. According to data from analytics platform Coinglass, this weekly close was the best for BTC in 2024.

Earlier, CryptoQuant CEO Ki Young Ju predicted that BTC would rise to $112 000 on the back of an inflow of funds from spot bitcoin exchange-traded funds (ETFs).

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