Crypto News– Cryptocurrency analyst and trader Ali Martinez, known as @ali_charts on crypto Twitter, recently shared insights on the factors hindering Bitcoin from breaking out toward the $50,000 level. Martinez highlighted the resistance faced by the Bitcoin UTXO Realized Price Distribution Index at the $38,500 level. This index illustrates the amount of BTC acquired at various price points. Overcoming this critical resistance could pave the way for Bitcoin to advance toward the $47,360 price level, presenting nearly a $10,000 difference from the current BTC price.
Exploring the Landscape: Bitcoin Price Forecast and the Likelihood of Hitting 47,360 Dollars
Since November 24, Bitcoin has experienced a 3% decline, retreating from a local high of $38,426. The ascent to this peak was followed by a significant liquidation of Bitcoin short positions totaling $2 million. However, it wasn’t just BTC shorts facing liquidation; the broader cryptocurrency market saw a total of $71.15 million worth of crypto positions liquidated, hinting at the potential for an upcoming crypto rally.
In addition, according to Santiment, an on-chain data aggregator, a considerable amount of USDT (3.54% of the total supply) and 0.72% of the USDC circulating supply were transferred to crypto exchanges by whales between August 19 and October 16, indicating heightened activity among significant market players.
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