- As optimism grew stronger, the price of Bitcoin rose to a high of $44,100 on Coinbase on Tuesday.
- The market capitalization of the main cryptocurrency also exceeded $850 billion.
- Analysts say prices could rise to $47,000-$48,000, but are likely to fall briefly.
Bitcoin (BTC) price surpassed $43,000 on Tuesday afternoon, rising to $44,100 on major cryptocurrency exchange Coinbase. This comes as the world’s largest digital asset by market capitalization continues to enjoy strength, breaking above $42,000 on Monday.
BTC is trading at around $43,800, up 5% in the last 24 hours and 14% in the past week. After seven consecutive weeks of green candles, the market cap has reached $850 billion.
According to data from Coinglass, more than $100 million worth of Bitcoin has been liquidated in the past 24 hours, with short selling exceeding $80 million.
BTC has reached $44,000, is a pullback due?
The surge occurred on Tuesday after a brief pullback above $43,000, with prices holding near yearly highs, which could extend buyers’ retest of a critical resistance level pointed out by analysts.
According to cryptocurrency analyst Ali, a price correction in the benchmark cryptocurrency is “coming.”
Although the market may still be on the rise, analysts see a potential downside as highlighted by the TD Sequential indicator on both the daily and 3-day charts. Ali added that a downturn could occur “in the next 7 to 48 hours” based on chart projections.
all #Bitcoin A price correction is coming… The question is when?
Well, the TD Sequential indicator suggests potential. $BTC Based on the daily and 3-day charts, the price decline may begin within the next 7-48 hours. 🙌 pic.twitter.com/UwI1IMq4jo
— Ali (@ali_charts) December 5, 2023
If Bitcoin continues to rise, it could target the $47,000-$48,000 area, which is the key resistance zone.