Bitcoin May Face Stiff Resistance Near $48.5K, On-Chain Analysis Shows
Nearly 270,000 BTC have been acquired at an average cost of $48,491, as analysis by IntoTheBlock shows.
Feb 12, 2024 at 11:08 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DAY7KGLA2FDINOWE42EOE7HJOU.jpeg)
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- Nearly 270,000 BTC have been acquired at an average cost of $48,491, as analysis by IntoTheBlock shows.
- Some holders might liquidate their stash as they break even on their position.
Bitcoin (BTC) has seen a near-90-degree recovery from $38,500 to $48,000 in three weeks, alongside notable inflows into spot BTC exchange-traded funds (ETFs) and a record bullish move in stocks.
Analysts expect prices to top $52,000 in the coming weeks and eventually rally well above $100,000 by the end of the year.
However, according to on-chain analysis by IntoTheBlock, the bullish momentum could encounter resistance near $48,500 in the short term.
Per IntoTheBlock, nearly 270,000 BTC ($12.96 billion) held by more than 800,000 crypto addresses have an average acquisition cost of $48,491. Some of these addresses might liquidate their bitcoin holdings once the cryptocurrency’s price rises to $48,491, arresting bullish momentum.
"Bitcoin has set its sights on $50K! To get there, there is one important resistance level left. Over 800k addresses acquired nearly 270K BTC at an average price of $48,491. These addresses are currently in the red and might provide sell pressure as they break even on their position,” IntoTheBlock said on social media platform X.
Bitcoin changed hands near $48,000 at press time.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.