Bitcoin ETF

Bitcoin

Momentum

<ul> 
 <li>Bitcoin (BTC) has struggled to advance beyond $43,000 despite multiple attempts.</li> 
 <li>A Bitcoin supporter, Nayib Bukele’s re-election win in El Salvador, boosts positive sentiment in the crypto market.</li> 
</ul> 
Despite Bitcoin’s (BTC) attempts to breach the $43,500 resistance level, it faced challenges in extending its gains, <a href="https://thenewscrypto.com/why-bitcoin-is-struggling-to-surpass-the-43-5k-barrier/" target="_blank" rel="noreferrer noopener">slipping below</a> $42,800 in recent trading sessions. At the time of writing, Bitcoin was trading at $42,701, with a slight decline of 0.57% in the last 24 hours. 
In contrast, BlackRock and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) experienced significant inflows, totaling $4.8 billion in January. The iShares Bitcoin Trust (IBIT) by BlackRock saw approximately $2.6 billion in <a href="https://thenewscrypto.com/blackrocks-spot-bitcoin-etf-surpasses-2-billion-aum-milestone/">net flows</a>. Meanwhile, the Fidelity Wise Origin Bitcoin ETF (FBTC) ranked among the top ten with $2.2 billion in net flows. 
<h3 class="wp-block-heading" id="h-will-bitcoin-bulls-break-the-stalemate">Will Bitcoin Bulls Break the Stalemate?</h3> 
Following a slight surge towards the end of January, Bitcoin has demonstrated steady movement throughout the week, trading within the range of $43,300 to $42,600. Also, the cryptocurrency’s price remains above the 20 and 50-day exponential moving averages, providing support to market buyers.&nbsp; 
Further, despite slipping under $43,000, data from Santiment suggests that whales, or large investors, continued to accumulate more Bitcoin. BTC’s intraday trading volume currently stands at $15.2 billion, indicating a potential uptick of 31.75%.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="510" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-11-1024x510.png" alt="" class="wp-image-90871" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-11-1024x510.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-11-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-11-768x383.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-11.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Price Chart (Source: TradingView)
 </figcaption>
 </figure>
</div> 
Looking ahead, the next significant resistance for Bitcoin stands at $42,950, with a clear break potentially propelling the price towards $43,300 and $43,800 levels. 
If Bitcoin fails to surpass the $42,950 resistance, the zone could trigger another downward trend, with immediate support near $42,650, followed by a major support at $42,250. A close below $42,250 could trigger bearish momentum, potentially pushing the price towards the below $41,000 support level. 
However, in a separate turn, Nayib Bukele, who is a big supporter of Bitcoin, <a href="https://thenewscrypto.com/nayib-bukele-reelected-in-el-salvador-win-for-bitcoin/" target="_blank" rel="noreferrer noopener">won re-election</a> as President of El Salvador and has drawn attention in the crypto market. Bukele’s victory signals a positive sentiment, given El Salvador’s pioneering move to adopt Bitcoin as legal tender in 2021 under his leadership.

BTC Falls Below $43K Despite Bitcoin ETF Momentum

Table of Contents

TheNewsCrypto

Other articles published on Feb 5, 2024

Celestia Price Climbs 8%, Who’s Leading TIA’s Profit Parade?

Ripple: XRP Could Hit $771 By 2025 If This Happens

Bitcoin Price Stuck In Range, Can BTC Bulls Save The Day?

Polygon’s Stablecoin Market Value Rises

Week Ahead in US Economic Events: Crypto Markets Await Federal Reserve Officials’ Insights

Up or down? Here are UNI’s prospects in the days to come

Join our free newsletter for daily crypto updates!