Bitcoin

April

when

Trillion

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-soars-hitting-new-biennial-peak-as-market-cap-exceeds-1-trillion" rel="noopener noreferrer nofollow">Bitcoin Soars, Hitting New Biennial Peak as Market Cap Exceeds $1 Trillion</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/galaxy-digital-ceo-predicts-bitcoin-will-surpass-70000-in-a-year" rel="noopener noreferrer nofollow">Bitcoin</a> has soared to a new two-year high, reaching $52,043, even with less favorable economic signals and no clear signs of interest rate reductions. This recent surge in value prompts questions about the longevity of Bitcoin’s upward trajectory and the implications of the current market conditions.</p>
<h2 id="market-dynamics-and-investment-inflows">Market Dynamics and Investment Inflows</h2>
<p style="text-align: justify">The cryptocurrency’s value has once again broken the $1 trillion mark, coinciding with significant net inflows into spot Bitcoin ETFs, amounting to over $600 million on February 13. This volume of inflow is substantial when compared to the amount of Bitcoin mined daily, signaling a considerable injection of capital into the market. As the halving event in April approaches, this ratio to daily issuance is expected to double.</p>
<p style="text-align: justify">Anthony Pompliano, a known investor, pointed out in a CNBC interview that with 80% of Bitcoin’s supply being dormant, the impact of new investments is magnified due to the limited active supply. The $600 million inflow thus represents a substantial portion of Bitcoin that can actually be traded.</p>
<h2 id="investor-sentiment-and-price-movements">Investor Sentiment and Price Movements</h2>
<p style="text-align: justify">Investor sentiment, as measured by the greed index, has hit one of its highest historical points at 79, previously seen during Bitcoin’s record highs in November 2021. The market is showing signs of increased risk appetite, with strong buying activity at lower price points hinting at the possibility of Bitcoin reaching even higher values before the upcoming halving.</p>
<p style="text-align: justify">After overcoming the $48,970 resistance, the price of Bitcoin suggests the commencing of a bullish phase, bolstered by strong buying support. The 20-day exponential moving average is trending upwards, encouraging buyers, though the relative strength index (RSI) indicates a more rapid and potentially unsustainable price acceleration. This could mean an imminent price correction.</p>
<p style="text-align: justify">The future trajectory of Bitcoin’s price rise may be at risk if it falls below $48,970. However, if the currency maintains above the $52,000 threshold, the next significant goal is set at $60,000. Currently, Bitcoin stands at $51,659.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-soars-hitting-new-biennial-peak-as-market-cap-exceeds-1-trillion" rel="noopener noreferrer nofollow">Bitcoin Soars, Hitting New Biennial Peak as Market Cap Exceeds $1 Trillion</a></h5>

Bitcoin Soars, Hitting New Biennial Peak as Market Cap Exceeds $1 Trillion

Obsah

BH NEWS

Ďalšie články zverejnené 14. 2. 2024

Web3 Is Driving A Renaissance In Japan’s Gaming Industry

Hospitals In Romania Fighting All Sorts of Attacks, Including Cyber Ones!

Nigeria set to ditch dollar for local currency in oil trade

Scammers Ramp Up Efforts in the Cryptocurrency Market

Is ERC404 on Notice? New Standard DN404 Promises Improved Efficiency

YouTube and Crypto Combine as DeeStream Presale Launches, Drawing LINK & ETH Holders

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!