Bitcoin faces a strong challenge from the bears near the $49,000 mark. Cointelegraph reported earlier that the buy and sell levels on Binance show that sellers maintained at around $49,000.
The creator of Bitcoin’s stock-to-flow price model, PlanB, said if Bitcoin closes this month over $48,000, a target price of $136,000 might apply in the worst-case scenario.
Despite the slight downfall, Bitcoin’s institutional adoption proceeds to increase. Filings with Exchange Commission and the United States Securities show that four wealth management companies purchased shares in Grayscale’s Bitcoin Investment Trust.
A survey of around 43,000 people in 27 countries showed a high adoption rate in Asia. Vietnam had the highest adoption rate at 42% of the countries surveyed, while Indonesia and India had a 31%.
Compared to their Asian equivalents, the United States and the United Kingdom respondents reported a low 9% and 10% adoption rate. However, the report suggested that not all surveys were nationally representative because of the varying Google infrastructure in each territory.
Will Bitcoin’s hesitation close to the $49,000 mark result in profit-booking? Could altcoins attract funds exiting Bitcoin? Let’s take a look at the charts of the top-5 cryptocurrencies that might extend their moves in the next few days.
Bitcoin started to decrease from the rising wedge pattern. It means that the bears are defending the resistance line.
The BTC/USDT pair might drop to the support line of the wedge while attracting buyers.
For the past few days, the LUNA token from Terra protocol has been trading in an ascending channel. The breakout beyond the downtrend line suggests that it might be a beginning of a new uptrend.
Klaytn surged over the $1.82 resistance, but the bulls might not sustain the high levels.
AXS, the native token of Axie Infinity, has been in a powerful bull run in the past few weeks while hitting new levels at around $77.49.