If today closes in green, Bitcoin would mark its sixth consecutive day of positive price action, which has culminated in weekly gains of 20%.
On-chain analytics firm highlights the ease with which Bitcoin broke through the $30,000 price barrier. According to the current on-chain picture, 80% of holders are currently in profit, a level not seen since the bull market peak in 2021.
There is also a 27% increase in the 30-day amount of BTC held by short-term holders, typical during bullish conditions.
Moving forward, IntoTheBlock indicated that there is no particularly large potential on-chain resistance as Bitcoin approaches $40,000, and the $30,000 level may operate as a sturdy support in the event of a retrace.
Crypto analyst pointed out that Bitcoin has built a massive support barrier between $25,000 and $30,000.
Per the UTXO Realized Price Distribution (URPD) model, Bitcoin might target the $47,000 level if the next critical barrier of $38,440 is broken.
According to Ali, the next two critical areas of resistance for BTC are $38,440 and $47,360, per the UTXO Realized Price Distribution (URPD) model.
According to Bloomberg ETF expert Eric Balchunas, this step is “all part of the process” for launching a crypto ETF.
Bearish Bitcoin (BTC) bets have lost traders more than $178 million in the last 24 hours as prices rocketed past a major resistance level.
BTC put in a new yearly high; the massive rise was likely driven by low volumes and outsized demand, adding tens of billions of dollars to market value in hours. Bitcoin also resolved a bullish pennant on its daily chart.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
