02/26/2024
BTC51,437.0
ETH3,102.36
USDT1.001
BNB383.8
SOL103.22
XRP0.540662
USDC1.001
DOGE0.085308
BUSD1.002
Last news
Bitcoin Has Hit the $50,000 Mark
02/13/2024

Bitcoin Has Hit the $50,000 Mark

02/13/2024
4,4

Last night, Bitcoin hit the $50,000 mark for the first time since December 2021.

Bitcoin has surpassed its two-year-high, passing the $50,000 mark. The annual growth of the coin amounted to 128%. In the first months of 2024, the asset demonstrated positive dynamics, mainly due to the approval of Spot Bitcoin ETFs. However, other reasons also contributed to such a significant growth.

Grayscale's selloffs dropped significantly last week, with the ETF market seeing strong inflows. BitMEX Research reported inflows of $541 million on Friday, while outflows from Grayscale Bitcoin Trust fell to $51.8 million. Total assets in the ETFs rose to $10 billion.

The actions of miners also played a role. They reduced their daily sales from 800 Bitcoins at the end of 2023 to 300 Bitcoins at the beginning of 2024.

The expected halving has also fueled investor interest. And after a series of scandals and bankruptcies, risk appetite has shifted back to digital assets. The market rebound also suggests that investors are increasingly confident about the Federal Reserve's policy easing.

Analysts believe that the easing of China's monetary policy has led to increased purchases of assets, particularly Bitcoin. The sudden rise in the price of Bitcoin has led to the liquidation of $152 million dollars in the market. Coinglass reports that this figure continues to rise.

At the time of writing, the asset was trading at $50,032.

Source and Copyright © TradingView

Since Bitcoin was able to reach the $50,000 mark two months before halving, investors are confident that Bitcoin could soon test the all-time-high of $69,800 seen in 2021. In the call options markets, Bitcoin purchase strikes at $65,000, $70,000 and $75,000 with April through June expiration dates have increased.

From the technical point of view, the asset has formed support at $49,750. Resistance is near the level of $50,250. The key level is $50,400, if Bitcoin overcomes it, it will open the way to further growth to the levels of $51,200, $52,000 and $53,000. In a negative scenario, the asset could fall back to $49,000 and support at $47,650.

This is not a 100 percent statement. The cryptocurrency market is volatile. Investors should stay cautious and remember the importance of DYOR.


Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


How useful is this article for you?
Thank you for your review!

Last news

Rating
24h volume
GEO
Promotion

4.6/5
Best for crypto exchanges
$197,181,391
United Arab Emirates, Saudi Arabia, Israel, Egypt, Ukraine, Turkey, Switzerland, Spain, Slovakia, Russia, Romania, Portugal, Poland, Latvia, Italy, Hungary, Greece, France, Czech Republic, Bulgaria, Vietnam, Taiwan, Philippines, Pakistan, New Zealand, Myanmar, Mongolia, Kazakhstan, Japan, Indonesia, India, Cambodia, Australia, Afghanistan, Peru, Mexico, Colombia, Chile, Brazil, Argentina, South Africa, Nigeria
We Provide Financial Freedom!
on Bitfinex website

4.9/5
Best for crypto exchanges
$666,343,448
United Arab Emirates, Saudi Arabia, Israel, Egypt, Ukraine, Turkey, Switzerland, Spain, Slovakia, Russia, Romania, Portugal, Poland, Latvia, Italy, Hungary, Greece, France, Czech Republic, Bulgaria, Vietnam, Taiwan, Philippines, Pakistan, New Zealand, Myanmar, Mongolia, Kazakhstan, Japan, Indonesia, India, Cambodia, Australia, Afghanistan, Peru, Mexico, Colombia, Chile, Brazil, Argentina, South Africa, Nigeria
Sign up now to claim a welcome pack of 1000 USDT!
on Bitget website

4.8/5
Best for crypto exchanges
$1,385,071,874
United Arab Emirates, Saudi Arabia, Israel, Egypt, Ukraine, Turkey, Switzerland, Spain, Slovakia, Russia, Romania, Portugal, Poland, Latvia, Italy, Hungary, Greece, France, Czech Republic, Bulgaria, Vietnam, Taiwan, Philippines, Pakistan, New Zealand, Myanmar, Mongolia, Kazakhstan, Japan, Indonesia, India, Cambodia, Australia, Afghanistan, Peru, Mexico, Colombia, Chile, Brazil, Argentina, South Africa, Nigeria
Low commission - High profit
on MEXC website

4.8/5
Best for crypto exchanges
$1,343,056,327
United Arab Emirates, Saudi Arabia, Israel, Egypt, Ukraine, Turkey, Switzerland, Spain, Slovakia, Russia, Romania, Portugal, Poland, Latvia, Italy, Hungary, Greece, France, Czech Republic, Bulgaria, Vietnam, Taiwan, Philippines, Pakistan, New Zealand, Myanmar, Mongolia, Kazakhstan, Japan, Indonesia, India, Cambodia, Australia, Afghanistan, Peru, Mexico, Colombia, Chile, Brazil, Argentina, South Africa, Nigeria
Faster, better, stronger than your average crypto exchange!
on OKX website