Bitcoin reached $49,000 on February 12, regaining the price level it reached after the historic adoption of spot Exchange-Traded Funds (ETFs) related to the flagship crypto in early January.
According to CryptoSlate data, the flagship crypto was trading at $49,725 at the time of writing.
Bitcoin soared as US markets opened for trading, erasing the 20% decline following the ETF’s approval as traders executed a ‘buy the rumor, sell the news’ event, and whales began making profits on their holdings of the 160% increase in 2023.
New ATH
Analysts and experts are pointing to a rise to $50,000 and possibly a new all-time price before the halving – which is now just over 65 days away.
Market analysis shows that Bitcoin’s price is consolidating just below a crucial resistance level, indicating a possible breakout or adjustment phase.
The ‘Newborn Nine’ ETFs launched in January have shown strong performance, breaking the $10 billion AUM level within the first month of trading and becoming one of the largest Bitcoin holdings in the world.
The performance has led to a significant increase in optimism around Bitcoin and its rising value.
Sentiment mixed
Notably, sentiment around Bitcoin’s $50,000 milestone is mixed, with some analysts calling for caution.
Breaking certain technical resistance levels, such as the Fibonacci retracement level at around $48,300, could catalyze further gains.
However, the market must also be prepared for various scenarios, including possible pullbacks to retest support levels.
At the time of writing, Bitcoin is number 1 in terms of market capitalization and so is the BTC price upwards 3.39% in the last 24 hours. BTC has a market capitalization of $976.97 billion with a 24-hour trading volume of $25.29 billion. More information about BTC ›
Market summary
At the time of writing, the global cryptocurrency market is valued at $1.85 trillion with a 24-hour volume of $52.87 billion. Bitcoin’s dominance currently stands at 52.86%. Learn more >