Friday, February 9, 2024 🗓️
Bitcoin continued its upward trajectory 📈, not only solidifying its position above $45,200 but also setting a new local high at $46,384, with its current value hovering around $46,000. The market capitalization stands at $1.696 trillion, marking Bitcoin's dominance index at 53.3%—a peak not seen since January 9 🚀.
After breaking free from its previous range, Bitcoin's ascent persists. The flagship cryptocurrency has revisited the levels preceding the fall triggered by the ETF hype. Following a brief surge above $48,000, the price dipped back into the $46,000 - $47,000 zone before taking a sharper decline.
From the year's outset, the narrative unfolded with an initial surge fueled by the anticipation of BTC-ETF approvals. This was succeeded by a downturn post the Bitcoin ETF endorsement, leading to 10 days of accumulation within the $42,000 - $43,500 bracket. Subsequently, a breakout occurred, paving the way for organic growth—a sequence meticulously outlined in an article from December 5.
Yesterday saw the Bitcoin ETF concluding the day with a 2.7% increase. Notably, Bitcoin's climb to $46,000 coincided with the post-closure of the BTC-ETF, hinting at a pattern where the IBIT price seeks to align with spot prices, thereby fostering Bitcoin's spot market growth today. This strategy appears promising 🌟.
However, the journey ahead faces the formidable $48,000 threshold. A level from which January witnessed a retreat to $38,500, and in spring 2022, following a failed attempt to anchor above $48,000, the descent was even steeper.
This scenario, however, differs, yet for a transition towards sustained medium-term growth, aiming for the year's objectives ($50,000+ and ATH), a confident consolidation of Bitcoin above $48,000 is crucial, alongside a cryptocurrency market capitalization exceeding $2 trillion.
These goals are well within reach and may be realized soon. Nonetheless, should the route to these milestones involve a detour through another drop below $45,000, the ultimate outcome remains unaltered.
Currently, altcoins exhibit a lackluster performance; Ethereum struggles to maintain a stance above $2,460, as Bitcoin's dominance index climbs. In the last 24 hours, DYM, BTT, STX showcased growth, with the rest nearly stagnant. This scenario may present a golden opportunity for those who delayed their Bitcoin investment in anticipation of lower prices.
Should Ethereum secure a position above $2,500, particularly if Bitcoin surpasses the $48,000 mark, a significant uptrend across the market is anticipated.
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