Traders saw increasing levels of Bitcoin’s price strength as it consolidated in its trading range, while the spot crypto ETFs also gained momentum in the crypto market.
Riding on a few factors, Bitcoin’s price strength went through an upward curve, while Bitcoin seemed to be recovering in the last 24 hours. It traded just below $43,000, but bulls have created support for it at around $42,800. Coupled with the rising inflows in the spot crypto ETFs, the market could gradually recover in February.
A leading crypto analysis firm said in one of its recent reports, “Digital asset investment products saw large inflows totaling US$708m last week, bringing year-to-date inflows to US$1.6bn and total global assets under management to US$53bn,” thus indicating higher investor confidence in such products.
The same report also underlined BTC getting over $700 million in inflows, occupying the major chunk of the total pie. The average inflows of the new spot crypto ETFs have also been at $1.9 billion over the last four weeks.
Moreover, Bitcoin has consistently traded over its 20-day moving average for several days. It could be a trigger to propel BTC above $43,000 in the current month. At the same time, BTC’s market cap has also been stable over the last week. A steep rise in the next few months could help it cross $1 trillion soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,900 on February 7, 2024, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $841 billion.
BTC/USD is trading higher than its 20-day EMA (42,299.90), as BTC’s 24-hour volume was at around $17 billion. The crypto market cap increased by around 0.67%, trading above $1.65 trillion. BTC’s year-to-date returns are at 2.24%.
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