Here's How Bitcoin May Reach $50,000

The next resistance before $50,000 would be the range starting from $49,620, in which almost 1.5 million addresses opened their positions. The mentioned range, on the other hand, is significantly smaller compared to the $47,796-$49,211 resistance zone, with a total volume of 1.16 millionThe most actual resistance remains significantly larger compared to the closest support which, according to the indicator, ends at $46,312.

In the provided example, the $47,796-$49,211 range contains around 2.4 million addresses that opened almost 1.2 million BTC worth of positions, which means that some portion of funds concentrated in the range may be sold as the first cryptocurrency enters the zone, which will create tremendous pressure on the price of the asset.

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