Bitcoin price rose to a high of $44,100 on Coinbase on Tuesday as bullish sentiment strengthened.
The flagship cryptocurrency’s market cap also cross above $850 billion.
Analysts say a brief pullback is likely, though we could see prices rally to $47k-$48k.
Bitcoin (BTC) price broke past $43,000 on Tuesday afternoon, rising as high as $44,100 on major cryptocurrency exchange Coinbase. This follows the breakout to above $42k on Monday as the world’s largest digital asset by market capitalization continued to enjoy the latest bullish ride.
BTC is up 5% in the past 24 hours and 14% in the past week, trading at around $43,800. Its market cap has reached $850 billion after seven consecutive weekly green candles.
According to data from Coinglass, more than $100 million in Bitcoin liquidations have occured in the past 24 hours, with over $80 million in shorts.
BTC hits $44k, but is a pullback due?
On Tuesday, the upsurge happened after a brief retreat from above $43k area, and with price hovering at this yearly high, it’s possible an extension could see buyers retest a crucial resistance level analysts have pointed out.
According to crypto analyst Ali, a price correction for the benchmark cryptocurrency “is coming.”
While the market may still rally higher, the analyst sees a potential pullback as highlighted by the TD Sequential indicator on both the daily and 3-day charts. The retreat could happen “within the next 7 to 48 hours,” Ali added, basing his prediction on the charts’ outlook.
If Bitcoin continues higher, it could target the $47k-$48k area, which is a key resistance zone.
