The first cryptocurrency again demonstrated strong growth, consolidating above the $45,000 level.
Over the past 24 hours, digital gold has risen in price by 4.6%, according to CoinGecko. At the time of writing, the asset is trading around $45,150.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
An analyst under the nickname Ali noted that 1.02 million BTC last moved against the background of $42,560. The latter, the expert is sure, will serve as “critical support” in the future.
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With 1.02 million $BTC last transacting within the $42,560 price range, it would be surprising to see #Bitcoin sustain a drop below this critical support level in the future. Conversely, the main resistance levels to monitor are $47,360 and $56,970. pic.twitter.com/uu3jNzLhXp
— Ali (@ali_charts) February 8, 2024
$47,360 and $56,970 are the main resistance levels, Ali suggested.
Selling pressure has eased
CryptoQuant analysts discovered signs of weakening pressure from miners on the price of the first cryptocurrency.
“Daily sales of miners decreased from 800 BTC in November-December to less than 300 BTC in 2024,” experts noted.
Cryptocurrency miners are holding onto reserves despite declining revenue from transaction fees, they said.
“The significant reduction in fees is due to a drop in on-chain activity as a result of fewer transactions associated with “inscriptions” and the issuance of BRC-20 tokens,” explained CryptoQuant representatives.
The largest American mining companies whose shares are traded on the stock market continue to increase their Bitcoin reserves. Among the most active buyers of digital gold is Marathon Digital Holdings.
Data: CrypoQuant.
Altcoin rally
In keeping with the “old tradition,” Bitcoin revived the broader market. Ethereum has grown by 3.5% over the past 24 hours; Solana – by 9.5%, breaking the $100 mark. Cardano rose in price by 10.6%.
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#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI
— Ali (@ali_charts) February 8, 2024
A break through the resistance line could trigger a 32% rally in ADA prices, “potentially to $0.68.”
Previously, popular blogger PlanB suggested that after the upcoming halving, Bitcoin will become scarcer than gold and real estate, and its price will reach $500,000.
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2024-02-08 17:55:04
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