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BTC Breaks Above $50K, On-Chain Data Suggests Massive Correction Looming

Published 02/14/2024, 01:05 AM
Updated 02/14/2024, 01:15 AM
© Reuters BTC Breaks Above $50K, On-Chain Data Suggests Massive Correction Looming
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  • Bitcoin re-enters the $50K level for the first time after losing it in 2021.

  • Analysts have spotted bearish signals amid the market’s bullish frenzy.

  • BTC’s current price is reportedly not an ideal entry, targeting $45,500.

In the last 24 hours, Bitcoin (BTC) hit a significant milestone for the crypto market, reclaiming the $50,000 mark. This return to the $50K level marks the first instance of BTC re-entering the range after losing it in 2021.

Moreover, the surge represents a noteworthy recovery from its recent low point of approximately $38,700 recorded last month. Expectedly, Bitcoin’s trajectory has bolstered the broader crypto market, with other prominent projects like Solana (SOL) and Ethereum (ETH) registering notable 9.4% and 7.62% weekly gains at press time, respectively.

Meanwhile, analysts have spotted bearish signals amid the Bitcoin-led bullish frenzy rocking the market. Woominkyu, a verified author and community manager at the on-chain analytics platform CryptoQuant, recently highlighted the potential direction of the market.

Woominkyu pointed out that the Spend Output Pro…

The post BTC Breaks Above $50K, On-Chain Data Suggests Massive Correction Looming appeared first on Coin Edition.

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