Bitcoin successfully held its support at $48,000 over the weekend, leading to surging crypto market trends and expectations for an altcoins rally soon in February.
Bitcoin continued to lead the improving crypto market trends, with a firm support of $48,000. Signs of profit booking are not yet visible in the market, which is a positive sign. As a result, an altcoins rally could soon follow the current BTC price surge and push up the crypto market cap. Meanwhile, ETH is hovering close to $2,500 but hasn’t crossed the mark yet.
If BTC’s price strength continues to drive crypto market trends, altcoins may see high inflows with rising investor confidence. Moreover, analysts and experts have accorded an optimistic path ahead for BTC in 2024.
A report by asset management firm Grayscale mentioned similar thoughts and said, “The continued adoption of Bitcoin ETFs could significantly absorb sell pressure, potentially reshaping Bitcoin’s market structure by providing a new, steady demand source, which is positive to price.”
At the same time, the report mentioned the likely benefits of the BTC-halving event in 2024. With the current crypto market trends, BTC could see a higher trajectory if buying activities continue. On the other hand, it could slip to $44,000 if bears take over the market. In either case, its consolidation over $40,000 looks robust.
BTC/USD 1D price chart
Bitcoin is currently trading at around $48,150 on February 12, 2024, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap was trading at around $943 billion.
BTC/USD is trading higher than its 20-day EMA (42,796.16), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap decreased by around 0.49%, trading above $1.8 trillion. BTC’s year-to-date returns are at 14.66%.
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