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.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 3.39% over the past 24 hours. BTC has a market capitalization of $976.97 billion with a 24-hour trading volume of $25.29 billion. Learn more about BTC ›
Market summary
At the time of press, the global cryptocurrency market is valued at at $1.85 trillion with a 24-hour volume of $52.87 billion. Bitcoin dominance is currently at 52.86%. Learn more ›
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cryptoslate.com/bitcoin-reclaims-49k-as-us-markets-begin-trading/
- :has
- :is
- 000
- 11
- 12
- 2023
- 24
- 29
- 300
- 65
- 7
- 8
- 87
- 97
- a
- About
- According
- Adjustment
- advocating
- After
- also
- analysis
- Analysts
- and
- approaches
- approval
- approvals
- approximately
- ARE
- around
- AS
- At
- aum
- away
- BE
- becoming
- before
- began
- beneath
- Biggest
- Billion
- Bitcoin
- bitcoin dominance
- Breaking
- breakout
- BTC
- btc price
- by
- cap
- capitalization
- catalyze
- caused
- caution
- certain
- Chart
- consolidating
- could
- crypto
- cryptocurrency
- cryptocurrency market
- CryptoSlate
- Currently
- data
- Days
- Dip
- Dominance
- Drop
- entities
- ETF
- ETFs
- Event
- exchange-traded
- exchange-traded funds
- executed
- experts
- Feb
- Fibonacci
- First
- flagship
- following
- For
- from
- funds
- further
- Gains
- Global
- Halving
- Have
- High
- Highs
- historic
- Hit
- holding
- Holdings
- HOURS
- HTTPS
- in
- Including
- indicates
- IT
- ITS
- January
- jpg
- just
- launched
- Level
- levels
- Market
- Market Cap
- Market Capitalization
- Markets
- milestone
- mixed
- Month
- more
- New
- now
- of
- on
- opened
- Optimism
- or
- over
- past
- performance
- phase
- pivotal
- plato
- Plato Data Intelligence
- PlatoData
- possibly
- potential
- prepared
- press
- price
- Profit
- ranked
- related
- Resistance
- retracement
- Rise
- rising
- s
- scenarios
- sell
- sentiment
- should
- shown
- significant
- some
- Spot
- start
- strong
- such
- support
- support levels
- surge
- Surged
- Surrounding
- taking
- Technical
- The
- the world
- their
- time
- Title
- to
- touched
- Traders
- Trading
- trading volume
- u.s.
- value
- valued
- various
- volume
- was
- whales
- which
- with
- within
- world
- yearly
- zephyrnet