Bitcoin's Bullish Run: 91% of BTC Holders in Profit as Bitcoin Nears $50K

By: Isha Das

Bitcoin's optimistic run continues as its price climbs over $48,000 per unit. Digital currency enthusiasts are celebrating as approximately 91% of Bitcoin holders, including those who committed during the peak of the last bullish cycle, now see profitable returns. This success has stimulated further interest in Bitcoin and heightened expectations.

The currency's rally saw it cross two significant resistance levels of $46,500 and $48,000. The cryptocurrency currently trades above $47,500 and demonstrates a potential upward trend. Various data sources, including the BTC/USD pair trend line, reveal the existence of a supportive bullish trend around $48,000.

The next foreseeable resistance is around $48,800, and if breached with sufficient trading volume, the currency could see another substantial price surge. Analysts indicate that the potential target could be around the $50,000 mark. However, they also warn of an impending downhill correction if the price fails to stabilize or progress beyond this point. While Bitcoin made significant progress, they caution market participants about possible corrections. A decline beneath $48,000 may initiate a descent towards $47,650, the 50% Fibonacci retracement level.

Immediate resistance levels are projected around $48,500, $48,800, and $50,000 in the short-term. Nevertheless, Bitcoin's overall trajectory, as of now, remains inclined towards bullish momentum and displays visible resistance levels close to the $50,000 area.