Bitcoin's stalling momentum at the $52,000 resistance could signal an"imminent pullback" as 33% rise in a few weeks is"unsustainable", Swissblock said.rose above $52,000 this week for the first time in 26 months, but its stalling momentum may foreshadow an"imminent" pullback before higher prices, Swissblock analysts said in a Friday market update.
However, the $52,000 area is a significant resistance level on long-term charts that capped prices in September and December in 2021, Swissblock noted, and now also posed a meaningful barrier for the rally to continue now. Beyond a short-term dip, the market looks poised for higher prices, the report added, and any forthcoming correction could be a buying opportunity as long as BTC holds its support at near $47,500."At this point, any pullback should be thought of as a potential buying opportunity," the report said.
"Price increases followed by lower volumes have historically been a reliable indicator of false breakouts in crypto," FalconX analysts wrote Friday."The good news at this point is that liquidity conditions surrounding the January rally remain generally robust."
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