As Bitcoin (BTC) Approaches $50,000, Here Are Key Technical Obstacles to Watch For

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As Bitcoin (BTC) Approaches $50,000, Here Are Key Technical Obstacles to Watch For

Bitcoin (BTC) has advanced another 4% in the last 24 hours making its way to $50,000. As of press time, Bitcoin is trading 3.86% up at a price of $48,832 and a market cap of $920 billion.

On-chain metrics for Bitcoin (BTC) suggest strong fundamentals. For e.g. over 110K Bitcoins were withdrawn from the exchange wallets recently. Furthermore, traditional financial giants like BlackRock and Wells Fargo have announced their BTC investments recently. Meaning, institutional adoption of Bitcoin continues further.

However, as BTC makes its way to the north, it’s facing “a rare confluence of technical obstacles,” reports Bloomberg. As per the publication’s Friday report,

“An April low of about $47,000 is now acting as something of a barrier, as is a Fibonacci and Ichimoku cluster between $47,000 and $48,000, while the 61.8% Fibonacci retracement of the April to June downtrend — at $51,000 — could be an obstacle too”.

Courtesy: Bloomberg

The report states that Bitcoin has a high chance of consolidating between $45,000-$48,000. Currently, BTC is already trading past $48,500.

Bitcoin Vs Gold

Jurrien Timmer, the director of the global macro at Fidelity, shares some interesting insights. Drawing BTC’s current price analogy to the early days of Goldrush in the 1970s, Timmer points out that Bitcoin is set to resume the uptrend further.

Courtesy: Fidelity

He further notes that Bitcoin’s network fundamentals are currently improving. Timmer notes that the Bitcoin network addresses holding at least $1 worth of BTC have surged past 33.5 million. These numbers were seen last time when BTC was trading at an all-time high.

He also mentions another healthy indicator is the uptick in the Bitcoin hashrate. After hitting a low under 100 EH/s last month, the hashrate has resumed an uptrend. However, it is still below its peak of April 2021. But Timmer noted that the rising price action will lead to a surge in demand for mining, and thus the surge in its hashrate.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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