Image Credit: New Trader U

Feb 26, 2024

Bitcoin's Big Moment: 5 Key Updates This Week

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.

Bitcoin Price Update 

Image Credit:  ZyCrypto

Key US economic data, including employment and spending figures, will influence Bitcoin's monthly close, amid uncertainty over Federal Reserve actions.

US Economic Data Impact

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Despite fluctuations, overall Bitcoin accumulation surpasses new supply, with whales leading the race in accumulating BTC.

Miner Accumulation Trend

Image Credit:  Seygen

An analyst suggests a possible pre-halving top for Bitcoin, with a retracement scenario pointing to a price level around $42,000.

Analyst's Perspective

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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.

Speculator Profit-Taking

Image Credit:  Aximdaily

While some remain optimistic, others caution about potential downside risks, emphasizing the importance of monitoring key market indicators.

Market Sentiment

Image Credit:  The Senior

Next: Web3 Tokens for 2024: Your Guide to Smart Investments