Rally

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/price-analysis/why-is-bitcoin-btcprice-up-today/" rel="noopener noreferrer nofollow">Why is Bitcoin (BTC)Price Up Today?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p><p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin (BTC) price</a> edged 4 percent higher in the past 24 hours to trade around $44,500 on Thursday during the early Asian market. The flagship coin remains the most desired digital asset due to its notable scarcity and deep liquidity worldwide.</p><p>Furthermore, Bitcoin’s trading volume spiked by more than 40 percent in the past 24 hours to about $24 billion at the time of this report. As a result, <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s market cap</a> is shy of $130 billion from reclaiming $1 trillion, achieved during the 2021 bull run.</p><h2 class="wp-block-heading" id="h-why-bitcoin-price-gained-today">Why Bitcoin Price Gained Today?</h2><h3 class="wp-block-heading" id="h-accelerated-whale-buying-pressure"><strong>Accelerated Whale Buying Pressure</strong></h3><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is back above $44.5K for the first time since the '<a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> hangover' retrace began back on Jan. 12. This bounce is partially attributed to the rise in 1K+ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> wallet holdings. Their collective holdings are at their highest level in 14+ months. <a href="https://t.co/mxCoXJbHcW" rel="noopener noreferrer nofollow">https://t.co/mxCoXJbHcW</a><a href="https://t.co/FjZdmPeMvj" rel="noopener noreferrer nofollow">pic.twitter.com/FjZdmPeMvj</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1755389860633039248?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 8, 2024</a></blockquote></div></figure><p>According to on-chain data analysis provided by Glassnode, the number of new Bitcoin accounts with more than 1k in account balance now holds 40.16 percent of the total supply after an increase of about 3.66 percent in the past two weeks, thus heightening the bullish sentiments. Interestingly, the Bitcoin whales have been buying from short-term holders who declined by around 468k accounts in the past two weeks.</p><p>Also Read: <a href="https://coinpedia.org/price-analysis/bitcoin-breaks-above-44000-here-are-the-two-possible-scenarios-one-can-expect-in-the-coming-days/" rel="noopener noreferrer nofollow">Bitcoin Breaks Above $44,000: Here Are the Two Possible Scenarios One Can Expect in the Coming Days</a></p><h2 class="wp-block-heading" id="h-pre-halving-rally-economics"><strong>Pre-halving Rally Economics</strong></h2><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>Correction seems over for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>.<br><br>A pre-halving rally is taking place; perhaps we will continue moving toward the area of $48,000-51,000.<a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> finding more strength as well, great times. <a href="https://t.co/PThBbo7ifF" rel="noopener noreferrer nofollow">pic.twitter.com/PThBbo7ifF</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1755338643906933061?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a></blockquote></div></figure><p>With Bitcoin halving less than 90 days from happening, more investors have accelerated the accumulation pace in anticipation of further gains in the coming quarters. As a result, Bitcoin price has enjoyed higher buying pressure despite the recent calls for a market correction. According to several crypto analysts led by&nbsp; Michaël van de Poppe and Peter Brandt, Bitcoin price seems to have finished its recent correction and a rally towards $50k is inevitable.</p><h3 class="wp-block-heading" id="h-high-stock-index-correlation-nbsp"><strong>High Stock Index Correlation&nbsp;</strong></h3><p>With the notable high adoption of Bitcoin and digital assets by institutional investors, the recent rise of NASDAQ and the S&amp;P500 to their respective all-time highs (ATH) has increased the chances for the crypto prices to follow suit.&nbsp;</p>

Why is Bitcoin (BTC)Price Up Today?

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