The fact that bitcoin's momentum has stopped above the $52,000 resistance level may indicate an "imminent pullback" as a 33% rise in a few weeks is "unsustainable".
While #bitcoin retains support around $47,500, unless there is a short-term downturn, the market is on the upswing and the upcoming pullback could be a buying opportunity.
Cryptocurrency prices are pointing to a bearish reversal today after bitcoin, #Ethereum and other prominent cryptocurrencies performed brilliantly.
Bitcoin's recent stay at the $52,000 mark has led to speculation in the crypto community about the possibility of a pullback soon. Crypto analysts suggest that a temporary downturn could precede the resumption of an upward trajectory to higher prices.
This observation comes amid bitcoin's ongoing uptrend, supported by high trading volumes and bullish sentiment. As investors closely monitor market movements, the anticipation of a sell-off is prompting strategic thinking and risk management strategies.
Bitcoin broke the $52,000 mark this week for the first time in 26 months, but its sluggish growth may portend an "imminent" pullback before the price rises.
The current value of bitcoin (BTC) is $51,929.20, down 0.2% from an hour ago and down 0.3% from yesterday. Bitcoin's current value is 9.7% higher than it was seven days ago. The cumulative value of bitcoin transactions in the last 24 hours totaled $BTC The global cryptocurrency has a current valuation of $2.04 trillion, up -0.9% in the last 24 hours and 74.92% over the last year. Bitcoin has a current valuation of $1.02 trillion and a market share of 49.91%. Stablecoin has a market capitalization of $140 billion or 6.84% of the cryptocurrency's market cap.
#BTC rose in price by 10% over the week, outperforming the general market and continuing its steady rise from the $38,500 level at the end of January. Inflows into U. S. bitcoin ETFs accelerated, with BlackRock's IBIT attracting more than 28,000 BTC this week.
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