According to CoinDesk, nearly 270,000 BTC have been acquired at an average cost of $48,491, as analysis by IntoTheBlock shows. Some holders might liquidate their stash as they break even on their position. Bitcoin has seen a near-90-degree recovery from $38,500 to $48,000 in three weeks, alongside notable inflows into spot BTC exchange-traded funds (ETFs) and a record bullish move in stocks. Analysts expect prices to top $52,000 in the coming weeks and eventually rally well above $100,000 by the end of the year.

However, according to on-chain analysis by IntoTheBlock, the bullish momentum could encounter resistance near $48,500 in the short term. Per IntoTheBlock, nearly 270,000 BTC ($12.96 billion) held by more than 800,000 crypto addresses have an average acquisition cost of $48,491. Some of these addresses might liquidate their bitcoin holdings once the cryptocurrency’s price rises to $48,491, arresting bullish momentum. "Bitcoin has set its sights on $50K! To get there, there is one important resistance level left. Over 800k addresses acquired nearly 270K BTC at an average price of $48,491. These addresses are currently in the red and might provide sell pressure as they break even on their position,” IntoTheBlock said on social media platform X. Bitcoin changed hands near $48,000 at press time. Edited by Parikshit Mishra.