-
Bitcoin’s
stalling
momentum
at
the
$52,000
resistance
could
signal
an
“imminent
pullback”
as
33%
rise
in
a
few
weeks
is
“unsustainable”,
Swissblock
said. -
The
uptrend
could
still
continue,
with
10x
Research
setting
a
$57,500
price
target
for
the
next
leg
higher.
Bitcoin
(BTC)
rose
above
$52,000
this
week
for
the
first
time
in
26
months,
but
its
stalling
momentum
may
foreshadow
an
“imminent”
pullback
before
higher
prices,
Swissblock
analysts
said
in
a
Friday
market
update.
The
largest
crypto
by
market
cap
rallied
10%
in
a
week,
outperforming
the
broad-market
CoinDesk20
Index’s
(CD20)
8%
advance,
extending
its
relentless
rise
from
$38,500
in
late
January.
The
surge
was
coupled
with
accelerating
inflows
into
U.S.
spot
bitcoin
exchange-traded
funds
(ETF),
with
BlackRock’s
IBIT
raking
in
over
28,000
bitcoin
this
week.
However,
the
$52,000
area
is
a
significant
resistance
level
on
long-term
charts
that
capped
prices
in
September
and
December
in
2021,
Swissblock
noted,
and
now
also
posed
a
meaningful
barrier
for
the
rally
to
continue
now.
“A
pullback
seems
imminent
and
necessary
given
the
recent
rapid
ascent
of
approximately
33%
over
the
past
few
weeks,
suggesting
an
unsustainable
rally,”
Swissblock
analysts
wrote.
Beyond
a
short-term
dip,
the
market
looks
poised
for
higher
prices,
the
report
added,
and
any
forthcoming
correction
could
be
a
buying
opportunity
as
long
as
BTC
holds
its
support
at
near
$47,500.
“At
this
point,
any
pullback
should
be
thought
of
as
a
potential
buying
opportunity,”
the
report
said.
Institutional
crypto
exchange
FalconX
also
noted
“exceptional”
trading
volumes
that
support
the
early
2024
uptrend,
last
seen
during
the
2023
March
regional
banking
crisis.
“Price
increases
followed
by
lower
volumes
have
historically
been
a
reliable
indicator
of
false
breakouts
in
crypto,”
FalconX
analysts
wrote
Friday.
“The
good
news
at
this
point
is
that
liquidity
conditions
surrounding
the
January
rally
remain
generally
robust.”
10x
Research
analyst
Markus
Thielen
said
in
a
Friday
update
that
bitcoin
could
run
towards
a
$57,500
price
target,
citing
strong
liquidity
and
increasing
demand
for
bitcoin
futures.
“Bitcoin
appears
to
target
57,000
as
its
next
resistance,
and
considering
BTC’s
performance
in
the
previous
pre-halvings,
the
odds
for
another
leg
being
higher
are
increasing,”
Thielen
wrote.
