The post Bitcoin Surges Past $52K, But Caution Prevails Amidst Potential Threats appeared on BitcoinEthereumNews.com.

Bitcoin has made a significant rebound, briefly surpassing the $52,000 mark for the first time since December 3rd, 2021. However, seasoned investors remain cautious as excessive jubilation often precedes market corrections, especially when social media chatter turns to discussions about reaching new all-time highs. 📈😮 #Bitcoin has resumed its climb, briefly exceeding a $52K market value for the first time since December 3rd, 2021. As we have seen throughout this tremendous #bullcycle, excessive celebrations from the crowd after specific thresholds being crossed is often (Cont) 👇 pic.twitter.com/LOWGu1LE65 — Santiment (@santimentfeed) February 14, 2024 According to data from Coinglass, BTC contract holdings on US dollar-denominated exchanges have climbed to $22.84 billion, reminiscent of levels seen during the previous bull market peak.  The amount of #Bitcoin held in known #crypto exchange wallets has dropped to its lowest level in six years, now totaling just 2.34 million $BTC! This significant decrease suggests a growing trend of investors moving their #BTC off exchanges, potentially indicating a shift toward… pic.twitter.com/Y9zhRCOaWP — Ali (@ali_charts) February 14, 2024 Notably, on November 9, 2021, open interest hit a high of $23.055 billion. Concurrently, the number of BTC held in cryptocurrency exchange wallets has dwindled to just 2.34 million, marking the lowest quantity in six years. This decline hints at a potential trend towards long-term holding as investors withdraw their BTC from exchanges. The #Bitcoin price has been on the rise for the past 7 days and finally broke the $52K mark again after 2 years! However, there are two impending big threats to the short-term $BTC price. Can it overcome? 1. #Genesis was approved to sell 35M Grayscale Bitcoin Trust shares… pic.twitter.com/Qn7wbQXaDa — Spot On Chain (@spotonchain) February 15, 2024 Bitcoin Faces Looming Threats Despite Recent Price Surge Despite the positive momentum, Bitcoin faces looming threats in the…

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Filed under: News - @ February 16, 2024 7:24 am