Bitcoin (BTC) Aims for an Astonishing $47,000: Crucial Metrics to Monitor » Gain In-Depth Knowledge on Crypto Markets: Explore

Market Overview: The price of Bitcoin has shown a remarkable increase, surging nearly 13% and reaching $35,157 before a small pullback. Currently, Bitcoin stands at $34,068, marking an 11.55% increase in the past day.

If the day ends positively, it will be Bitcoin’s sixth consecutive day of gains, resulting in a weekly increase of 20%.

On-Chain Analysis Insights: IntoTheBlock, a well-known on-chain analytics firm, highlighted Bitcoin’s effortless breach of the $30,000 mark. Current on-chain data shows that 80% of Bitcoin holders are now in profit, reflecting the bullish sentiment of the 2021 bull market peak.

Furthermore, there has been a notable 27% increase in Bitcoin holdings by short-term investors over the past 30 days, which is typically seen in bullish scenarios.

According to IntoTheBlock’s analysis, there is minimal on-chain resistance as Bitcoin approaches the $40,000 mark. The $30,000 level is expected to provide strong support during potential pullbacks.

Technical Analysis: Crypto expert Ali emphasized Bitcoin’s strong support zone between $25,000 and $30,000. Based on the UTXO Realized Price Distribution (URPD) model, if Bitcoin successfully surpasses the $38,440 resistance, it could potentially target $47,000.

Catalysts for the Surge: The Bitcoin community was excited as BlackRock’s iShares spot Bitcoin ETF IBTC got listed with the Depository Trust and Clearing Corporation (DTCC), indicating a potential approval from the SEC. Bloomberg ETF specialist Eric Balchunas mentioned that this is a standard procedure in the crypto ETF launch process.

In addition, bearish bets against Bitcoin have resulted in significant losses for traders, exceeding $178 million in just one day, as Bitcoin surpassed important resistance levels. This sharp rise, driven by low trading volumes and increased demand, added billions to the market cap within hours. Additionally, Bitcoin’s daily chart displayed a bullish pennant breakout.

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