BTC reached as high as $48,500 during the weekend amidst a crypto rally driven by Bitcoin bulls that could set a bullish foundation for 2024.
A crypto rally emerged over the last few days, sending extremely optimistic signals across the crypto community. Meanwhile, Bitcoin led the rally with a steep price jump to above $48,000. Bitcoin bulls were heavily active, gathering support while creating a buying opportunity for BTC. Meanwhile, the buy signal in the market could take BTC towards $50,000 this week.
In the previous week, crypto miners also played a part in ensuring Bitcoin’s price stability. A prominent crypto analysis report described, “Recently, the increased activity of miners has been triggering volatility in the Bitcoin price. However, despite the selling pressure created by this activity, the stability of the Bitcoin price at its current levels signifies the market’s maturity and depth.”
Moreover, the week ahead could witness two directions for BTC. It could either surge further and reach new highs for the year. On the other hand, a profit-booking spree could pull it down. But with the current positive trends, it is unlikely BTC could see a steep fall. The spot Bitcoin ETFs currently have over $10 billion in assets under management, which could have also triggered the crypto rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $48,200 on February 11, 2024, with BTC/USD trading higher by a margin of 1.9% in the last 24 hours. Bitcoin’s market cap was trading at around $947 billion.
BTC/USD is trading higher than its 20-day EMA (42,528.76), as BTC’s 24-hour volume was at around $18 billion. The crypto market cap increased by around 1.7%, trading above $1.78 trillion. BTC’s year-to-date returns are at 13.18%.
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