Bitcoin Price Climbs Back to $45,000

The leading cryptocurrency has once again shown robust growth, stabilizing above the $45,000 mark.

Over the past 24 hours, digital gold has appreciated by 4.6%, according to CoinGecko. At the time of writing, the asset is trading around $45,150.

An analyst known as Ali noted that 1.02 million BTC last moved around the $42,560 level. The expert believes this will serve as a “critical support” in the future.

With 1.02 million $BTC last transacting within the $42,560 price range, it would be surprising to see #Bitcoin sustain a drop below this critical support level in the future. Conversely, the main resistance levels to monitor are $47,360 and $56,970. pic.twitter.com/uu3jNzLhXp

— Ali (@ali_charts) February 8, 2024

Ali suggested that $47,360 and $56,970 are the main resistance levels.

Selling Pressure Eases

Analysts at CryptoQuant identified signs of easing miner pressure on the price of the leading cryptocurrency.

They noted that cryptocurrency miners are holding onto reserves despite a decline in transaction fee revenues.

“The significant drop in fees is due to a decrease in on-chain activity resulting from fewer operations related to ‘inscriptions’ and BRC-20 token issuances,” explained CryptoQuant representatives.

The largest American mining companies, whose shares are traded on the stock market, continue to increase their bitcoin reserves. Among the most active buyers of digital gold is Marathon Digital Holdings.

Altcoin Rally

In a “time-honored tradition,” Bitcoin has invigorated the broader market. Ethereum has risen by 3.5% over the past day, Solana by 9.5%, surpassing the $100 mark. Cardano (ADA) has increased by 10.6%.

#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

A breakout of the resistance line could initiate a 32% rally in ADA’s price, “potentially reaching $0.68,” Ali suggested.

Previously, popular blogger PlanB speculated that after the upcoming halving, Bitcoin will become scarcer than gold and real estate, with its price reaching $500,000.