Bitcoin price is currently around $48,900. The digital asset looks poised for a final move towards $50,000 for the first time ever. Bitcoin’s dominance remains at around 61.6% despite its recent rally. The flagship cryptocurrency is slowly approaching a market capitalization of $1 trillion.
There is only one crucial resistance level around $49,000 stopping Bitcoin price from jumping to $50,000.
Bitcoin price aims for $50,000 as whales continue to accumulate
The BTC Holders Distribution chart shows that the number of whales holding between 1,000 and 10,000 BTC ($48,000,000 and $480,000,000) has increased from a low of 2,120 on December 26, 2020, to 2,346 currently. This is a significant surge in large holders which indicates there is a lot of strength behind Bitcoin’s current rally.
Most of the times, when an asset rises significantly, the number of whales decreases as they start selling to take profits.
A close above $48,100 on the 4-hour chart would be significant and a bullish indicator. Bitcoin price can easily jump towards $50,000 if this level is broken. On the way down, the most significant support level is the 26-EMA located at $45,000. As long as BTC bulls can hold this point, the uptrend will remain intact.
BTC/USD 4-hour chart – TradingView
The next resistance level is the previous all-time high at $48,678 which Bitcoin is currently trying to crack. A rejection from this point would be significant and likely to push Bitcoin price down to at least the 12-EMA at $46,600 on the 4-hour chart.
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