BTC was sustaining its gains, up 11.55% in last 24 hours to $34,068
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There is also a 27% increase in the 30-day amount of BTC held by short-term holders, typical during bullish conditions. Moving forward, IntoTheBlock indicated that there is no particularly large potential on-chain resistance as Bitcoin approaches $40,000, and the $30,000 level may operate as a sturdy support in the event of a retrace.built a massive support barrier between $25,000 and $30,000.
According to Ali, the next two critical areas of resistance for BTC are $38,440 and $47,360, per the UTXO Realized Price Distribution model.Bitcoin surged on the news that BlackRock's iShares spot Bitcoin ETF IBTC has now been listed with the Depository Trust and Clearing Corporation , signaling potential SEC approval.Bearish Bitcoin bets have lost traders more than $178 million in the last 24 hours as prices rocketed past a major resistance level.
BTC put in a new yearly high; the massive rise was likely driven by low volumes and outsized demand, adding tens of billions of dollars to market value in hours. Bitcoin also resolved a bullish pennant on its daily chart.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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