- BTC is up more than 3% in the last seven days.
- Bitcoin's foreign exchange reserves were declining, but there was a possibility of a price correction.
As we approach the date of the next one Bitcoin [BTC] After the halving, the price of the king of cryptos also increased. If the latest data is taken into account, the upward trend could even continue for a few more months.
Therefore, let’s take a look at key BTC statistics to find out whether investors should expect BTC to rise before the halving.
Bitcoin is turning bullish
Bitcoin managed to recover from last month's downtrend as its price rose above the $43,000 mark once again.
Accordingly CoinMarketCap, BTC is up over 3% in the last seven days. At the time of writing, BTC was trading at $43,098.66 and had a market cap of over $845 billion.
The next BTC halving is just two months away. Historically, BTC's price has risen significantly a few months after each of its halvings, suggesting that investors could see new highs for BTC in late 2024.
However, the latest data showed that there is a possibility BTCThe value of s was already increasing before the halving.
Caleb Franzen, a popular crypto analyst, recently revealed in a tweet that BTC's 200-day Exponential Moving Average (EMA) and 200-day Simple Moving Average (SMA) are rising.
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Bitcoin’s 200-day moving average cloud has now risen to:
🔵 200-day EMA = $36,050
🔴 200-day SMA = $34,110
As before, this area is a valid dynamic support.
I expect the cloud to rise rapidly in April 2024 as the price bottomed out in September 2023. pic.twitter.com/jMX1IevCrp
— Caleb Franzen (@CalebFranzen) February 2, 2024
Whenever the gap between the two increases, the price of BTC increases. A similar incident occurred in early 2023. Therefore, it cannot be ruled out that the BTC price will reach the next milestone, the $50,000 mark, before the halving.
If BTC manages to sustain its uptrend, it will have to break through a few resistance zones before reaching the $50,000 mark.
AMBCrypto's look at Hyblock Capital's data revealed that the coin could face resistance near $45,300 as BTC's liquidation increased as its price reached this mark earlier. Heading north, another key resistance could be around $48,000.
Source: Hyblock Capital
Is the market convinced about Bitcoin?
As we wait for BTC price to reach $50,000 again, AMBCrypto checked the market sentiment BTC.
An analysis of CryptoQuant's data found that BTC's foreign exchange reserves have fallen sharply in the recent past, meaning investors were actively buying Bitcoin, which is broadly a bullish signal.
Source: CryptoQuant
However, the king of cryptos had some concerns to address. According to CryptoQuant, BTC’s aSORP was red. This means more investors are selling for a profit. In the middle of a bull market, this can indicate a market top.
Source: CryptoQuant
To read Bitcoins [BTC] Price prediction 2024-25
Additionally, BTC's Fear and Greed had a value of 60 at the time of writing, suggesting that the market was in a state of “greed.”
Whenever the metric reaches this stage, it suggests that there is a possibility of a short-term price correction. Therefore, investors need to remain patient for BTC to reach $50,000 again in the coming months.
Source: Alternative.me
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