Image Credit: New Trader U
Feb 26, 2024
By: Bhumi Shrivastava
Bitcoin's price remains above $50,000 but has lost some momentum lately, facing resistance from sellers despite hopes of higher levels.
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Key US economic data, including employment and spending figures, will influence Bitcoin's monthly close, amid uncertainty over Federal Reserve actions.
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Despite fluctuations, overall Bitcoin accumulation surpasses new supply, with whales leading the race in accumulating BTC.
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An analyst suggests a possible pre-halving top for Bitcoin, with a retracement scenario pointing to a price level around $42,000.
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Short-term Bitcoin holders may consider profit-taking soon, potentially leading to a price drop to around $48,000 according to on-chain metrics.
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While some remain optimistic, others caution about potential downside risks, emphasizing the importance of monitoring key market indicators.
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