Gold

Grayscale Bitcoin Trust

<img width="1200" height="630" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-price-prediction-e1706025461990.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction" decoding="async" style="float:right; margin:0 0 10px 10px;">
Bitcoin price currently hovers around $38,936, oscillating between $38,000 and $40,000 in recent days. This pattern reveals a notable consistency in its trading range. However, BTC has experienced a downward trend in its value. Over the past week, there’s been a decline exceeding 10%, with a 5% drop in just the last 24 hours. This decrease has resulted in <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> falling below the crucial $40,000 support level, signaling further downward movements on the charts. 
Interestingly, despite this dip in value, Bitcoin’s trading volume has surged significantly. There’s been an over 65% increase in the 24-hour trading volume, reaching an impressive $31 billion. This upsurge suggests a growing interest and active participation in Bitcoin trading among investors. 
<figure id="attachment_176255" aria-describedby="caption-attachment-176255" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-176255" class="wp-caption-text">
 Bitcoin price prediction
 </figcaption>
</figure> 
Bitcoin maintains its top position on <a rel="nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>, with a market capitalization of $764 billion. The current circulating supply of Bitcoin is roughly 19.6 million BTC, edging closer to its maximum supply limit of 21 million BTC.&nbsp; 
<h2 id="strong-bitcoin-spot-etf-trading-volume-surges-despite-price-dip-strong">Bitcoin Spot ETF Trading Volume Surges Despite Price Dip</h2> 
<a href="https://coingape.com/bitcoin-whale-accumulates-1750-btc-ahead-of-bitcoin-etf-approval/">Bitcoin price</a> trends continue to intrigue investors as exchange-traded Funds (ETFs) focusing on this cryptocurrency show remarkable trading volumes. Recent data indicates that these ETFs have collectively witnessed over $2 billion in daily trading volume. The Grayscale Bitcoin Trust (GBTC) remains a significant contributor, accounting for more than half of this volume. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Volume on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs remains very strong. Over $2 billion again today. <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> still making up a bit more than half. 
 Total volume in the first 7 trading days is just shy of $19 billion. <a href="https://t.co/AGaJMsnC9S">pic.twitter.com/AGaJMsnC9S</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1749554009021481007?ref_src=twsrc%5Etfw">January 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In the initial seven trading sessions, the cumulative volume approached $19 billion, showcasing the high investor interest in Bitcoin through ETFs. In a notable development, the <a rel="nofollow" href="https://twitter.com/lookonchain/status/1749614806561370323?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1749614806561370323%7Ctwgr%5Eaf431f0689f5e303dde04c5fcc4150b803de4ba1%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fambcrypto.com%2Ffirst-week-frenzy-bitcoin-etfs-shatter-records-with-trading-milestone%2F">iShares</a> Bitcoin Trust, managed by BlackRock, added 4,808 Bitcoins from Coinbase Prime nine hours ago. This latest acquisition, valued at approximately $194.4 million, brings the Trust’s total Bitcoin holdings to 33,431 units, worth around $1.33 billion. 
Despite this surge in ETF activity, Bitcoin’s price has not mirrored the enthusiasm, continuing to hover below the $40,000 mark. This contrast between high ETF trading volumes and the cryptocurrency’s price dip presents a complex landscape for Bitcoin investors and market analysts. 
<h2 id="strong-btc-etfs-show-resilience-amid-market-fluctuations-strong">BTC ETFs Show Resilience Amid Market Fluctuations</h2> 
Bitcoin price experienced a significant surge earlier this year, climbing from $24,000 to a peak of $48,500. This uptrend was largely attributed to the approval of several spots Bitcoin ETFs by the US Securities and Exchange Commission. Despite these positive developments, <a href="https://coingape.com/heres-why-bitcoin-btc-price-is-falling-after-spot-bitcoin-etfs-cryptoquant/">Bitcoin</a> prices took an unexpected turn. Rather than continuing its ascent beyond $49,000 as many had anticipated, the price of Bitcoin experienced a sharp decline.&nbsp; 
This decrease in Bitcoin’s value has led to a critical juncture in its market trajectory. The next major support level is identified at around $38,000. If&nbsp; BTC breaks below this threshold, it could spiral down towards $35,000 and possibly even test the $30,000 mark. Conversely, a resurgence in bullish momentum might propel Bitcoin back to the $45,000 zone or even surpass the $48,000 threshold once more. 
<figure id="attachment_176254" aria-describedby="caption-attachment-176254" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-176254" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-23_18-53-15.png" alt="Bitcoin Price Prediction" width="1149" height="652" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-23_18-53-15.png 1149w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-23_18-53-15-300x170.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-23_18-53-15-768x436.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-23_18-53-15-150x85.png 150w" sizes="(max-width: 1149px) 100vw, 1149px">
 <figcaption id="caption-attachment-176254" class="wp-caption-text">
 Bitcoin Price Chart: <a rel="nofollow" href="https://www.tradingview.com/x/pdPIuz98/">Tradingview</a>
 </figcaption>
</figure> 
The indicators largely suggest a neutral stance, yet there is an apparent increase in selling pressure. The Relative Strength Index (RSI), hovering at a neutral 34, provides no clear directional bias. However, the Moving Average Convergence Divergence (MACD) indicators paint a somewhat gloomier picture, residing below the zero line and indicating a bearish outlook. The Chaikin Money Flow index, which remains negative at -0.04, further emphasizes the short-term bearish trend in Bitcoin’s market. 
Meanwhile, investors deliberating on whether to invest in the precious metal gold or Bitcoin may want to consider the two assets’ performance in 2023. While Bitcoin price grew by 154.4% in 2023, gold managed only a 15% uptick in price. With the spot ETFs live, investment in Bitcoin could prove more profitable in 2024 and further dwarf gold performance for another year in a row. However, it is worth noting the Bitcoin and the crypto market are highly volatile and may not suit all investor needs. 
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles</h3> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/mt-gox-huge-btc-unlock-to-hit-market-btc-price-to-fall/">Breaking: Mt Gox’s Huge Bitcoin Unlock To Hit The Market, BTC Price To Crash?</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/5-reasons-why-bitcoin-btc-price-crashes-a-dip-to-32-7k-ahead/">5 Reasons Why Bitcoin (BTC) Price Crashes; A Dip To $32.7K Ahead?</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/jim-cramer-embraces-number-go-down-theme-as-bitcoin-drops-20-from-high/">Jim Cramer Embraces ‘Number Go Down’ Theme As Bitcoin Drops 20% From High</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/is-bitcoin-price-going-to-outperform-gold-in-2024-as-btc-etf-trading-volume-explodes/">Is Bitcoin Price Going To Outperform Gold In 2024 As BTC ETF Trading Volume Explodes?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is Bitcoin Price Going To Outperform Gold In 2024 As BTC ETF Trading Volume Explodes?

Table of Contents

Coingape News Media

Other articles published on Jan 25, 2024

GBTC transfers 12,213 BTC to Coinbase as Bitcoin drops below $40,000

Solana Holders Diversify Their Portfolio with This Promising Cryptocurrency

Memecoins Mania Fading Away! DOGE Price To Record New Yearly Low Soon?

Asian asset managers agree on Hong Kong spot Bitcoin ETF

HNT Price Aims To Extend The 17% Jump To Cross $10

Exploring Diverse Avenues: Ways People Will Be Making Money with Crypto in 2024

Join our free newsletter for daily crypto updates!