The recent market sell-offs over the weekend have diminished the ETF gains of Bitcoin, but the profit-booking spree could only last for a short while before BTC bounces back.
Post the rally after the ETF approvals, the crypto market witnessed a correction in the last 24 hours. Traders and investors likely booked profits, leading to Bitcoin trading just below the $43,000 mark. On the upside, the market sell-offs could only last for a short while before investors start buying again.
The full positive effects of the ETFs could take some time to kick in. By the end of 2024, most analysts predict BTC could cross its all-time highs. Within mid-2024, it may comfortably trade above $50,000. Meanwhile, the ETFs saw more than $1 billion in trading volumes in the last two days.
Global investment firm Fidelity recently stated that gold and BTC have had a close relationship in movements recently. “Historically, Bitcoin has been relatively non correlated to gold over the longer term, but recently has shown an increase in correlation as both have rallied,” it said. Both gold and Bitcoin witnessed big returns throughout 2023. BTC gained more than 150% last year.
ETH has held its $2,500 support in the crypto market, with a market cap of $313 billion. BNB and Solana have started picking up pace after the recent losses and have been in the green in the last 24 hours.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,900 on January 14, 2024, with BTC/USD trading lower by a margin of 0.4% in the last 24 hours. Bitcoin’s market cap was trading at around $842 billion.
BTC/USD is trading lower than its 20-day EMA (43,900.33), as BTC’s 24-hour volume was at around $16 billion. The crypto market cap increased by around 0.31%, trading above $1.69 trillion. BTC’s year-to-date returns are above 3.56%.
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