Rally

Bitcoin

Material

The Bitcoin price has experienced a significant surge, surpassing the $50,000 mark as Wall Street exchange-traded funds (ETFs) gained approval from the US Securities and Exchange Commission (SEC) on January 11.&nbsp; 
This bullish momentum, coupled with increased ETF demand, has propelled Bitcoin into a fully-formed bull run just months ahead of the anticipated halving event, which is expected to further amplify the ongoing uptrend. 
<h2 id="wall-street-etfs-drive-bitcoin-demand">Wall Street ETFs Drive Bitcoin Demand</h2> 
In a recent CNBC <a href="https://x.com/DocumentingBTC/status/1757033220170768468?s=20" target="_blank" rel="noopener nofollow">interview </a>with Anthony Pompliano, it was revealed that Wall Street ETFs are buying approximately 12.5 times more Bitcoin per day than the network can produce.&nbsp; 
This surge in demand from institutional investors has contributed to the price appreciation of Bitcoin. Pompliano asserts that Bitcoin has become Wall Street’s preferred asset and predicts that the increased demand through ETFs could lead to a significant rise in its price. 
On the other hand, analytics firm Material Indicators has <a href="https://x.com/MI_Algos/status/1757069727455678914?s=20" target="_blank" rel="noopener nofollow">identified </a>$53 million in Bitcoin buy orders stacked at the $50,000 level on the Binance order book. This&nbsp;substantial demand indicates strong investor interest in Bitcoin at this price point.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-574741" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=860&amp;resize=860%2C479" alt="Bitcoin price" width="860" height="479" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=904 904w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=860&amp;resize=860%2C479 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_53.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
However, the firm believes that a price retest of support levels may be imminent, although the timing remains uncertain.&nbsp; 
<h2 id="bitcoin-price-rally-faces-potential-correction">Bitcoin Price Rally Faces Potential Correction?</h2> 
If the Bitcoin price successfully breaks above the $50,000 level, Material Indicators anticipate minimal resistance on the path to $52,000 and $58,000. This scenario raises the possibility of a substantial short squeeze, as investors who have bet against the asset may be forced to cover their positions, further driving up the price.&nbsp; 
However, the highly anticipated inflation report scheduled for Tuesday could potentially trigger a correction in the market, as its findings may impact investor sentiment and market dynamics. 
Overall, Bitcoin’s price surge above $50,000 is attributed to the approval of Wall Street ETFs and the subsequent increase in institutional demand. The influx of capital from these ETFs has contributed to Bitcoin’s bullish momentum, with expectations of further price appreciation.&nbsp; 
As BTC continues to capture Wall Street’s attention, market participants eagerly await further developments and potential Bitcoin price movements to the upside, with potential corrections ahead.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/0KUP9Sha/" alt="Bitcoin price" width="1815" height="858"> 
Currently, the Bitcoin price has risen over 3.4% in the past 24 hours, coupled with a seven-day uptrend of 16%. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

BREAKING: Bitcoin Price Hits $50,000 – The Big Question: How Much Higher Can BTC Go?

목차

NewsBTC

2024년 2월 12일에 게재된 다른 기사

ERC-404 Tokens Plunge as $60 Million Vanishes in 24 Hours; Recovery Possible?

Bitcoin (BTC) surges past $50,000 for the first time since December 2021

Will Bitcoin ETFs Pave the Way for Crypto in Investment Portfolios? A Deep Dive

Ethereum-based ERC 404 Tokens on A Free-Fall, MINER Trader Mints $60K In 11 Hours

CEO of Ripple-owned blockchain custody firm Metaco steps down

Bitcoin entering FOMO zone, Experts see record highs

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!