The crypto market witnessed stable movements at the beginning of the week, although Bitcoin’s price volatility went relatively lower than earlier, making it trade below $43,000.
Other altcoins and Bitcoin went through subdued movements in the last 24 hours but did not shed big losses. Bitcoin’s price volatility, which has gone down, could have played a part in it. Meanwhile, during this week, the $44,000 mark for BTC could be closely watched as surpassing it could signal bulls taking control. Further, Bitcoin could rally till its psychological resistance at $50,000 if it crosses $44,000 soon.
On the other hand, further sell-offs may indicate a trading range for BTC around $41,000. It is trading a little over its 20-day moving average but needs to expand the gap soon.
A new crypto analysis report by a prominent analyst claims BTC could still hit its all-time highs in 2024. He said,” Following the Halving, Bitcoin has taken 220 – 240 days to break to new all time highs. I am expecting a similar outlook, with Bitcoin taking a trip to new all time highs in mid to late Q4 of 2024, which gives some time for a correction to test investor’s resolve in between.”
Among the spot Bitcoin ETFs, Blackrock’s volume has gone up significantly. As a result, the spot Bitcoin ETFs could become the prime factor for a crypto rally again.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,700 on February 5, 2024, with BTC/USD trading lower by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $838 billion.
BTC/USD is trading higher than its 20-day EMA (42,579.91), as BTC’s 24-hour volume was at around $14 billion. The crypto market cap decreased by around 0.06%, trading above $1.64 trillion. BTC’s year-to-date returns are at 1.73%.
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