Is Bitcoin’s stall at $52,000 a sign of a pullback? Swiss Block | CoinDesk JAPAN

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  • Bitcoin’s stall at the $52,000 resistance line could mean a 33% rally in a few weeks is “unsustainable” and a pullback is imminent. Swissbloc pointed out that there is.
  • The uptrend could still continue, and 10x Research has set a target price for the next bar at $57,500.

Bitcoin (BTC) surpassed $52,000 (approximately 7.8 million yen, equivalent to 150 yen to the dollar) this week for the first time in 26 months, but its momentum has stalled and a further rise is “imminent”. This could be a sign that a decline is coming. Swissblock analysts pointed this out in a report on the 16th.

Key resistance at $52,000

Bitcoin has gained 10% over the past week, outpacing the 8% rise in the CoinDesk 20, which measures the overall crypto market performance. The price has been rising since late January at $38,500, but it is set to rise further this week. Inflows into U.S. Bitcoin spot exchange-traded funds (ETFs) are also accelerating, with BlackRock’s IBIT, the world’s largest asset management company, collecting more than 28,000 BTC this week.

However, the $52,000 area is an important resistance line that capped the upside in September and December 2021 on long-term charts, and is also an important barrier to the continuation of the current rally. Swissbloc pointed out.

Analysts at Swissbloc said: “Given the recent rapid rise of around 33% over the past few weeks, a pullback seems imminent and even inevitable, suggesting an unsustainable rise. “

A decline is a buying opportunity

The report said that beyond a short-term decline, the market appears poised for new highs. As long as Bitcoin maintains support near $47,500, any upcoming correction could be a buying opportunity.

FalconX, an institutional crypto exchange, also pointed to “unusual” trading volumes, most recently observed during the local banking crisis in March 2023, confirming the uptrend in early 2024. .

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Analysts at Falcon “The good news is that the liquidity situation surrounding the January bull market remains generally strong.”

10x Research analyst Markus Thielen said on the 16th that Bitcoin could head toward a $57,500 price target, citing strong liquidity and increased demand for Bitcoin futures. He said there is.

“Bitcoin’s next resistance line appears to be at 57,000, and given Bitcoin’s performance prior to the previous halving, a new high is likely on the next leg,” Thielen said. he pointed out.

|Translation and editing: Rinan Hayashi
|Image: CoinDesk
|Original text: Bitcoin’s Stall at $52K May Foreshadow Imminent Pullback Before Higher Prices: Swissblock

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