Journalist
Posted:
- Bitcoin reached $47,000, fueling speculation of $50,000 prices.
- Several market indicators remained bullish, but weighted sentiment declined.
Bitcoin [BTC] has been steadily rising in recent days. The bullish price action has pushed King Coin above quite a few notable levels, most recently the $47,000 mark.
At the time of writing, BTC was even heading towards $49,000. Therefore, should investors expect Bitcoin to reach $50,000 at the start of the new week?
Bitcoin soon to $50,000?
According to CoinMarketCapthe price of BTC has risen by more than 12% in the past seven days. In the last 24 hours alone, the value of the king of crypto rose by 2%, which looked bullish.
At the time of writing, BTC was trading at $48,380.51 with a market cap of over $949 billion. This price increase sparked interest among investors as they expected the value of Bitcoin to rise further.
According to Santiment’s February 10 tweet, traders were speculating on potential support and resistance levels.
#BitcoinThe +13% price increase over the past week has prompted traders to speculate on numerous new support and resistance milestones #50K generally expected. Ironically, considering these price levels have been exceeded #altcoins have flipped the script during the opening hours of the
(Continued)
pic.twitter.com/t5pDvSLGKe
— Santiment (@santimentfeed) February 10, 2024
That’s why AMBCrypto took a closer look at BTC’s press-time status to better understand whether it could reach $50,000 this week.
We checked Bitcoin’s liquidation heatmap to look for notable resistance levels before $50,000.
Our analysis showed that BTC faced strong resistance around $49,000. For the uninitiated, when the price of the king coin reached that milestone last time, its liquidation spiked, causing a small price correction.
If BTC manages to rise above this level, there is a good chance that BTC will effortlessly go to $50,000.
Source: Hyblock Capital
The situation could become risky
AMBCrypto then analyzed BTC’s daily chart to see what market indicators were suggesting. The MACD showed a clear bullish advantage in the market.
The Chaikin Money Flow (CMF) also recorded a sharp increase, indicating that the price of the king of crypto could rise further. However, some indicators told a different story.
For example, the price of BTC had reached the upper limit of the Bollinger bands. The Relative Strength Index (RSI) ended up in the overbought zone.
This could increase selling pressure on the token, which could in turn put an end to the bull rally.
Source: TradingView
Read Bitcoins [BTC] Price prediction 2024-25
It is also surprising to see that despite the price increase, sentiment around BTC turned bearish. This was evident from the massive drop in BTC’s weighted sentiment on February 10, 2024.
For example, at the time of writing, investors seemed to be losing confidence in BTC, which could soon lead to a price correction.
Source: Santiment
