Bitcoin rose to $44,000 as the bulls brushed aside.
Bitcoin rose to $44,100 on Coinbase Tuesday as bullish sentiment intensified. The major cryptocurrency's market cap has crossed $850 billion. Analysts say a short pullback is possible, although we could see a price increase to $47k-$48k.
The price of Bitcoin (BTC) surpassed $43,000 on Tuesday afternoon, rising as high as $44,100 on major cryptocurrency exchange Coinbase. This follows a crash above $42k on Monday as the world's largest digital asset by market capitalization continues to enjoy its latest bullish run.
BTC is up 5% in the last 24 hours and 14% in the last week, trading around $43,800. After seven consecutive weekly green candles, the market cap has reached $850 billion.
According to data from Coinglass, over $100 million worth of Bitcoin liquidity has occurred in the past 24 hours, with over $80 million worth of shorts.
BTC Hits $44K, But Should It Pull Back?
On Tuesday, after a short-term retreat above $43k, there was a sharp rise, and the biggest price hike this year, an extension of buyers' critical defensive level, analysts said.
According to crypto analyst Ali, the price adjustment of the benchmark cryptocurrency is “coming.”
While the market may still rise, the analyst sees the possibility of a pullback as indicated by the TD sequence indicator on the daily and 3-day charts. The pullback “could happen in the next 7 to 48 hours,” Ali added, basing his prediction on a look at the charts.
A #Bitcoin price correction is coming…the question is when?
Well, the TD Sequence Indicator suggests that the $BTC price may begin a reversal in the next 7 to 48 hours, depending on the daily and three-day charts. 👀 pic.twitter.com/UwI1IMq4jo
— Ali (@ali_charts) December 5, 2023
If Bitcoin continues higher, it may target the key resistance zone around $47K to $48K.
