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Bitcoin Surpassed the $45,000 Mark
02/08/2024

Bitcoin Surpassed the $45,000 Mark

02/08/2024
4,5

Bitcoin approached the $45,000 mark for the first time in a month, and here are a few reasons why.

The last time Bitcoin traded above the $45,000 mark was the day after the Bitcoin ETF was approved. The price of Bitcoin was at $49,000 at the time of the ETF's approval, but quickly fell to $39,000 as the launch of the new investment instruments became a "sell the news" event. In the last 24 hours, the major cryptocurrency has risen 4% to $45,002 at the time of writing.

Source and Copyright © TradingView

The reason for Bitcoin's growth is attributed to the constant inflow of cash from investors on ETFs. The outflow of funds from Grayscale has finally decreased, which also points to the growth of the main cryptocurrency. Spot Bitcoin ETFs have seen net inflows for nine consecutive days, with more than $20 billion in invested capital. In addition, risk appetite among retail investors is on the rise. Experts are warning of an impending rally ahead of Bitcoin's halving. Many are betting on Bitcoin hitting the $50,000 mark.

Another reason for Bitcoin's rise is the behavior of whales. Glassnode data showed that an increasing number of Bitcoin whales continue to accumulate assets: about 73 new addresses now own 1,000 BTC or above.

Rumors of an imminent Hong Kong Bitcoin ETFs have also contributed to Bitcoin's recent rise.

Bitcoin is currently trading at a key resistance level of $45,000. The next important level is at $45,750. An upward movement could send the price towards $46,500, $47,200 and $48,500. On the negative side, Bitcoin could start falling to support levels of $44,300, $43,750 and $43,000.

This is not a 100 percent statement. The cryptocurrency market is very volatile and unpredictable. Investors should exercise caution and do their own research.


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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.


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