As BTC held its trading range over $44,000, overall price levels in crypto saw stable movements, setting a firm foundation for the upcoming week.
Bitcoin continued to trade above the $44,000 trading level in the last two days, after recovering from a slight dip on January 5. Meanwhile, bearish activity is relatively more active than earlier, leading to a price war between bulls and bears at $44,000. Since price levels in crypto are broadly stable, the market looks geared up for the likely ETF approvals next week.
Ethereum’s trading range has also stabilized above $2,200. While its daily trading volumes are hovering around $6 billion, its market cap has surged above $270 billion. Meanwhile, tokens like BNB, XRP, ADA, AVAX, and SOL posted gains in the last 24 hours. MATIC, Polygon, and Dogecoin also witnessed returns above 2-3% in the last few days.
Positive analysis reports for the spot Bitcoin ETFs stayed consistent as more analysts detailed their benefits. A leading crypto market analyst said the ETFs may help remove bias against Bitcoin and crypto. He said that due to the high price of 1 BTC, several investors remain hesitant to invest in it, partially due to unit bias psychology.
The ETFs would help solve this very problem, helping more investors gain exposure to Bitcoin.
BTC/USD 1D price chart
Bitcoin is currently trading at around $44,000 on January 7, 2024, with BTC/USD trading higher by a margin of 1.3% in the last 24 hours. Bitcoin’s market cap was trading at around $863 billion.
BTC/USD is trading higher than its 20-day EMA (43,012.60), as BTC’s 24-hour volume was at around $15 billion. The crypto market cap increased by around 1.52%, trading above $1.66 trillion. BTC’s year-to-date returns are above 4.56%.
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