The US market is buying Bitcoin at $49,000! Heading towards $52,000?

On February 12, 2024, the price of Bitcoin reached $49,000 in the USA, erasing the 20% drop of the recent weeks. Driven by the American market’s appetite for crypto, Bitcoin could test new annual highs above $52,000 in the coming days.

Bitcoin Erases Its 20% Drop and Approaches $50,000

On this February 12, 2024, the price of Bitcoin reached $49,725, erasing the 20% drop from the past few weeks following the Bitcoin ETF approvals at the beginning of January. The flagship crypto is closing in on the psychological threshold of $50,000, with analysts predicting a possible new all-time high before the next halving scheduled in 65 days.

Bitcoin Faces a Key Resistance at $50,000

According to the on-chain analysis platform Intotheblock, Bitcoin is facing a crucial obstacle before reaching the $50,000 mark. More than 800,000 addresses have accumulated about 270,000 BTC at an average cost of $48,491.

These holders were at a loss until BTC surpassed $49,000 for the first time in nearly two years, allowing them to move into profit. Breaking this key resistance level at $50,000 will require a significant renewal of buying interest. Some analysts even believe that Bitcoin could experience a brief price correction, with the next significant resistance level positioned higher, around $57,000.