Advertisement
AD

Main navigation

Bitcoin (BTC) Eyes $47,000 as Next Target, Here's What's Needed

Advertisement
Tue, 24/10/2023 - 10:55
Bitcoin (BTC) Eyes $47,000 as Next Target, Here's What's Needed
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Bitcoin price surged nearly 13%, rising to a high of $35,157 before slightly retreating. At the time of writing, BTC was sustaining its gains, up 11.55% in the last 24 hours to $34,068.

Advertisement

If today closes in green, Bitcoin would mark its sixth consecutive day of positive price action, which has culminated in weekly gains of 20%.

On-chain analytics firm IntoTheBlock highlights the ease with which Bitcoin broke through the $30,000 price barrier. According to the current on-chain picture, 80% of holders are currently in profit, a level not seen since the bull market peak in 2021.

Related

There is also a 27% increase in the 30-day amount of BTC held by short-term holders, typical during bullish conditions.

Moving forward, IntoTheBlock indicated that there is no particularly large potential on-chain resistance as Bitcoin approaches $40,000, and the $30,000 level may operate as a sturdy support in the event of a retrace.

Crypto analyst Ali pointed out that Bitcoin has built a massive support barrier between $25,000 and $30,000.

Per the UTXO Realized Price Distribution (URPD) model, Bitcoin might target the $47,000 level if the next critical barrier of $38,440 is broken.

According to Ali, the next two critical areas of resistance for BTC are $38,440 and $47,360, per the UTXO Realized Price Distribution (URPD) model.

Bitcoin price surges

Bitcoin surged on the news that BlackRock's iShares spot Bitcoin ETF IBTC has now been listed with the Depository Trust and Clearing Corporation (DTCC), signaling potential SEC approval.

According to Bloomberg ETF expert Eric Balchunas, this step is "all part of the process" for launching a crypto ETF.

Related

Bearish Bitcoin (BTC) bets have lost traders more than $178 million in the last 24 hours as prices rocketed past a major resistance level.

BTC put in a new yearly high; the massive rise was likely driven by low volumes and outsized demand, adding tens of billions of dollars to market value in hours. Bitcoin also resolved a bullish pennant on its daily chart.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD