Analysts observed how Bitcoin’s demand soared over the last few days, while it crossed $50,000 much earlier than anticipated in the crypto market with resurging strength.
The crypto rally of the current week saw its biggest highlight as Bitcoin’s price range expanded and crossed $50,000. It went over the mark for the first time since December 2021, marking a significant moment for the crypto community. Meanwhile, experts and analysts noted how Bitcoin’s demand had exponentially increased, creating bullish market sentiments.
Michael Saylor of MicroStrategy credited the spot Bitcoin ETFs for the rise in Bitcoin’s demand. He claimed that the supply from miners was much less than the demand in the crypto market.
Further, he stated, “There are ten years of pent-up demand people have been waiting for these ETFs, and finally, mainstream investors are able to access Bitcoin, and I think that is what’s driving the surge of capital in the asset class.”
Moreover, the crypto rally shows no signs of slowing down. As a result, Bitcoin’s price range could extend further and consolidate in an area above $50,000. The gap between Bitcoin’s 20-day moving average and trading price has also increased, which is a good sign. It will likely leave room for investors to see a bigger buying opportunity than booking profits.
Other altcoins also went up in the last 24 hours. Meanwhile, ETH broke its $2,500 resistance and rose by over 5%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $50,000 on February 13, 2024, with BTC/USD trading higher by a margin of 3.7% in the last 24 hours. Bitcoin’s market cap was trading at around $982 billion.
BTC/USD is trading higher than its 20-day EMA (42,218.20), as BTC’s 24-hour volume was at around $38 billion. The crypto market cap increased by around 3.97%, trading above $1.87 trillion. BTC’s year-to-date returns are at 19.25%.
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