Bitcoin approaches new yearly highs after erasing 20% dip

Bitcoin touched the $49,000 on Feb. 12, reclaiming the price levels it hit after the historic approval of spot Exchange-Traded Funds (ETFs) related to the flagship crypto at the start of January. The flagship crypto was trading at $49,725 as of press time, according to CryptoSlate data. Bitcoin surged as U.S. markets opened for trading, erasing […] The post Bitcoin approaches new yearly highs after erasing 20% dip appeared first on CryptoSlate.

Feb 12, 2024 - 20:30
 0  7
Bitcoin approaches new yearly highs after erasing 20% dip

Bitcoin touched the $49,000 on Feb. 12, reclaiming the price levels it hit after the historic approval of spot Exchange-Traded Funds (ETFs) related to the flagship crypto at the start of January.

The flagship crypto was trading at $49,725 as of press time, according to CryptoSlate data.

Bitcoin surged as U.S. markets opened for trading, erasing the 20% drop following the ETF approvals as traders executed a “buy the rumor, sell the news” event, and whales began taking profit on their holdings from the 160% rise over 2023.

New ATH

Analysts and experts are pointing to a surge to $50,000 and possibly a new all-time high price before the halving — which is now just over 65 days away.

Market analysis indicates Bitcoin’s price is consolidating just beneath a pivotal resistance level, hinting at a potential breakout or adjustment phase.

The “Newborn Nine” ETFs launched in January have shown strong performance, breaking the $10 billion AUM level within the first month of trading and becoming some of the biggest Bitcoin holding entities in the world.

The performance has caused a significant surge in optimism around Bitcoin and its rising value.

Sentiment mixed

Notably, the sentiment surrounding the $50,000 milestone for Bitcoin is mixed, with some analysts advocating for caution.

Breaking past certain technical resistance levels, such as the Fibonacci retracement level at approximately $48,300, could catalyze further gains.

However, the market should also be prepared for various scenarios, including potential pullbacks to retest support levels.

The post Bitcoin approaches new yearly highs after erasing 20% dip appeared first on CryptoSlate.