The post Don’t panic, but… Bitcoin’s $52K plateau hints at potential plunge appeared on BitcoinEthereumNews.com.

Bitcoin’s recent stall in momentum at the $52,000 mark has sparked speculation within the crypto community about the possibility of an imminent pullback. Crypto analysts suggest that it could precede a temporary downturn before resuming its upward trajectory toward higher prices. This observation comes amidst a backdrop of Bitcoin’s ongoing uptrend, supported by robust trading volumes and bullish sentiment. As investors closely monitor market dynamics, the anticipation of a pullback prompts strategic considerations and risk management strategies.  Bitcoin’s rally hits a roadblock at $52K This week marked the first time in 26 months that Bitcoin surpassed $52,000, but its sluggish momentum may portend an “imminent” pullback prior to price increases. As of this writing, the current value of Bitcoin (BTC) is $51,929.20, reflecting a decrease of 0.2% from one hour ago and a decrease of 0.3% since yesterday. The present value of Bitcoin is 9.7% greater than its value from seven days ago. The cumulative value of Bitcoin transactions over the last 24 hours was $26,147,544,232. The current valuation of cryptocurrencies on a global scale is $2.04 trillion, representing a change of -0.9% over the last 24 hours and 74.92% over the past year. The current valuation of Bitcoin stands at $1.02 Trillion, indicating a market share of 49.91% for Bitcoin. Stablecoins, meanwhile, have a market cap of $140 billion, or 6.84% of the total crypto market cap. BTC increased by 10% in a single week, surpassing the overall market and extending its relentless ascent from $38,500 in late January. Accelerating inflows into U.S. spot bitcoin exchange-traded funds (ETFs) accompanied the surge; this week, BlackRock’s IBIT amassed more than 28,000 BTC. The market appears poised for higher prices beyond a brief decline, and any impending correction could present a purchasing opportunity so long as Bitcoin maintains its support near $47,500. …

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Filed under: News - @ February 17, 2024 11:16 am