What’s Next for Bitcoin and Ethereum Price? Cardano Hits $1.02 High as Altcoins Market Hits Frenzy Mode

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BTC/USD Daily Chart

Analysts put the next major resistance level for Bitcoin at $50,000. However, in the near term, Bitcoin must consolidate and breach above $48,000 to move to the $50k mark. While further noting that the $48,000 level has a lot of stacked sell orders on Binance and other major exchanges, which is preventing a proper breakout.

On the contrary, several arguments support a near-term bullish outlook for Bitcoin as seen in the high number of active Bitcoin addresses and the exchange supply of Stablecoins. On-chain metrics such as Santiment’s NVT Token Circulation model also suggests that the lead crypto still has a bullish impulse.

Bitcoin Unique Addresses. Courtesy: Glassnode

Image Credit: Glassnode, Shutterstock

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