2024

Bitcoin

<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a> rose above $46,000 on Friday, hitting its highest level in a month. 
The cryptocurrency’s recent surge is driven by steady inflows into various <a href="https://cryptonews.com/news/bitcoin-etf-approval-frenzy-begins-as-sec-finally-approves-first-spot-bitcoin-funds-bitcoin-remains-unresponsive.htm">spot-based US funds</a> and anticipation surrounding April’s <a href="https://cryptonews.com/tags/bitcoin-halving/">halving event</a>. It last traded around $46,246, and is up 7.3% in the last week. 
New spot Bitcoin ETFs have attracted significant interest with a streak of 10 consecutive days of net inflows, reaching $8b as of this week, indicating strong investor demand. 
This trend is further underscored by the notable performance of two major funds. In January, BlackRock and Fidelity’s ETFs were among the <a href="https://cryptonews.com/news/blackrock-and-fidelitys-bitcoin-etfs-rank-among-top-10-in-terms-of-inflows-in-january-attracting-4-8b.htm">top 10 with the highest inflows</a>. 
Also <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> now in Top 5 in YTD flows, which means it's taken in more cash than 99.98% of ETFs. Not bad for 17 days old. <a href="https://t.co/ehAsZWRoqK">pic.twitter.com/ehAsZWRoqK</a> 
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1754870450411172323?ref_src=twsrc%5Etfw">February 6, 2024</a> 
According to a recent Morningstar report, BlackRock’s iShares Bitcoin Trust (IBIT) ranked eighth with about $2.6b in net flows. Fidelity Wise Origin Bitcoin ETF (FBTC) took the 10th spot with $2.2b in net flows. 
<h2 id="bitcoin-s-performance-around-chinese-new-year">Bitcoin’s Performance Around Chinese New Year</h2> 
 What’s ahead? The upcoming days hold statistical significance as the biggest cryptocurrency typically sees an 11% rally around Chinese New Year, starting Feb. 10, noted Markus Thielen, head of research at 10X Research. 
“During the last nine years, Bitcoin has been up every time traders would have bought Bitcoin three days before and sold it ten days after the start of the Chinese New Year,” he said. “This is a hit ratio of 100%.” 
“The ETF flows have certainly had an impact, and the US still holds the largest pools of capital, and we are seeing inflows from US institutions,” he added. 
Rachel Lin, CEO and co-founder of Singapore-based derivatives DEX SynFutures, pointed out that BTC has not had a weekly close above 44,000 since March 2022. 
“Even though Bitcoin has reached above that level several times in the past two months, it could not close above it. So, any close above 44,000 by the end of the week can be considered a bullish sign,” Lin said. 
“While most of the week was largely uneventful, both from a technical standpoint and a price-action standpoint, we have seen more exciting price action in the last few days,” she added. “It would be interesting to see how BTC reacts to the 46,700 – 46,800 resistance zone. A break above that would be a big positive even in the longer-term chart.” 
<h2 id="rise-above-moving-average-a-bullish-signal">Rise Above Moving Average a Bullish Signal</h2> 
 Alex Kuptsikevich, a senior market analyst at FxPro, said that Bitcoin’s rise above its 50-day moving average confirms a bullish trend, which should reduce worries about a major correction. 
Bitcoin has surpassed its December-January closing levels on a weekly basis, despite experiencing brief price spikes earlier in the year due to intra-week volatility, he said. However, market analysts consider weekly closes to be the more significant benchmark. 
<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> pumps to $46,000! <a href="https://t.co/E9f7mY4UEg">pic.twitter.com/E9f7mY4UEg</a> 
— CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/1755790165598216508?ref_src=twsrc%5Etfw">February 9, 2024</a> 
<h2 id="predictions-for-new-all-time-high-post-halving">Predictions for New All-Time High Post-Halving</h2> 
 <a href="https://cryptonews.com/news/bitcoin-surges-past-45000-as-miner-selling-pressure-eases-cryptoquant.htm">Adding momentum</a> to Bitcoin’s upward movement is growing attention from major investors, or “whales,” who are actively amassing Bitcoin. Data from on-chain analytics platform LookOnChain shows significant transactions, like withdrawals amounting to 2,741 BTC worth about $118m from Binance before the price surge. 
Another factor propelling Bitcoin’s ascent is the upcoming halving event slated for April. This event, occurring every four years, halves the reward given to miners for maintaining the security of the blockchain. 
Personal finance site Finder predicts that Bitcoin will <a href="https://www.finder.com/bitcoin-btc-price-prediction">reach a peak of $88,000</a> in 2024. Half of Finder’s experts anticipate the asset to achieve a new record high six months following the halving event. 
“In our industry, we lean on the Bitcoin halving as a beacon to navigate what we can anticipate,” said Pav Hundal, lead market analyst at Swyftx. “While we have no idea what the market conditions from a geopolitical or economic perspective will be in 2024, we know that Bitcoin will become more scarce.”

Bitcoin Price Climbs Above $46,000 with Support from Latest ETF Inflows

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Cryptonews.com

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