2024

United

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<p>The post <a href="https://coinpedia.org/price-analysis/why-is-bitcoin-price-up-today-whats-next-for-btc-price/" rel="noopener noreferrer nofollow">Why is Bitcoin Price Up Today? What’s Next For BTC Price?</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> crossed the $50,000 mark for the first time since spot Bitcoin exchange-traded funds (ETFs) were approved in the United States. The flagship coin reached a fresh 24-month high of around $50,380 on Tuesday during the early Asian session, following a 4 percent spike in the past 24 hours.</p>
<p>As a result, more than $74 million from Bitcoin derivatives has been liquidated in the past 24 hours. The notable uptick in Bitcoin value has rejuvenated the overall bullish sentiments despite the recent calls for a market correction. Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio issued a cautionary warning after it exceeded 11.50 percent for the first time in two years.</p>
<h2 class="wp-block-heading" id="h-top-reasons-why-bitcoin-price-gained">Top Reasons Why Bitcoin Price Gained</h2>
<h3 class="wp-block-heading" id="h-heightened-institutional-demand-for-bitcoin-nbsp"><strong>Heightened Institutional Demand for Bitcoin&nbsp;</strong></h3>
<p>On Monday, Digital Currency Group (DGC) announced its valuation doubled to $4.4 billion by the end of the fourth quarter and managed to repay over $1 billion in debts. With the company’s Grayscale Bitcoin Trust (GBTC) being the leading spot ETF issuer, experts anticipate further declined outflows. Meanwhile, the several spot <a href="https://markets.coinpedia.org/bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETF issuers</a> – excluding Grayscale’s GBTC – now hold more than 216k Bitcoins, more than MicroStrategy’s holdings of 190k.</p>
<h3 class="wp-block-heading" id="h-increased-whale-buying-pressure-nbsp"><strong>Increased Whale Buying Pressure&nbsp;</strong></h3>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have been on a buying spree, acquiring 140,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> over the past three weeks, amounting to $6.16 billion! <a href="https://t.co/ViRnYiJHmp" rel="noopener noreferrer nofollow">pic.twitter.com/ViRnYiJHmp</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1756455959294071073?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 10, 2024</a>
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<p>According to on-chain data analysis provided by market intelligence firm Santiment, Bitcoin whales have been on a buying spree in the past few weeks, acquiring over 140,000 Bitcoins worth more than $6.2 billion. Notably, more than 70 percent of Bitcoin supply is held by long-term investors who have not moved the coins in more than a year.</p>
<h3 class="wp-block-heading" id="h-pre-halving-rally-economics-nbsp"><strong>Pre-halving Rally Economics&nbsp;</strong></h3>
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   <p lang="en" dir="ltr">All boxed in???<br>Coffin corner?<br>or<br>Springboard pattern?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://t.co/inG3Zg452v" rel="noopener noreferrer nofollow">pic.twitter.com/inG3Zg452v</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1757145245773652367?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 12, 2024</a>
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<p>The fourth Bitcoin halving is expected to happen in less than 70 days, thus triggering historical speculation. Ideally, Bitcoin price could continue on a bullish trend until the next significant resistance around $57k, when a possible correction could begin.&nbsp;</p>

Why is Bitcoin Price Up Today? What’s Next For BTC Price?

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