Bitcoin slicing through this resistance could send it over $47k

Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way.

As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26.

Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared.

Bitcoin UTCO realized price distribution. Source: Ali Martinez

Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, each bar representing the existing BTC amount that last moved within that price bucket. ATH-Partitioned refers to buckets defined by dividing the range between 0 and the current ATH into 100 equally-spaced partitions.

Bitcoin price analysis

Cryptocurrency

'Rich Dad' R. Kiyosaki's stark warning: Buy Bitcoin before it's too late

Cryptocurrency

Is sub-$40k Bitcoin a bargain? Here's what the analyst says

Cryptocurrency

Former NYSE president reveals when 'money will flood' into crypto

Cryptocurrency

Conservative Bitcoin price prediction for late 2025

Stocks

Wall Street sets Lucid stock price for the next 12 months

As things stand, Bitcoin is currently trading at the price of $37,282, which indicates a decline of 1.23% in the last 24 hours while still retaining the increase of 0.18% across the previous seven days and a more significant gain of 9.33% over the past month, as per the latest information on November 27.

Bitcoin 30-day price chart. Source: Finbold

In fact, the largest crypto by market capitalization recently got close to the above resistance as it hit $38,190 on November 24, and as anticipation builds for the upcoming halving event and possible approval of a spot Bitcoin exchange-traded fund (ETF), it could indeed break it and proceed toward $47,000. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar
Read more