Bitcoin Price Report: Over the past fortnight, Bitcoin and the larger crypto market have given investors a wild ride. However, on Friday, just before the highly-anticipated Bitcoin halving event, the market began to climb. Excited investors, who had been hesitant up until this point, joined the rally, not only for Bitcoin but also for many altcoins, which are currently experiencing modest price increases.
In the past day, Ethereum, the second-largest cryptocurrency platform, has experienced a 1.6% increase and is now priced at $3,105. Likewise, Solana mirrored the market trend with a 6.5% surge in value, reaching $145.
Last weekend, the price of Solana crashed to $120 due to intensifying geopolitical conflicts that swept through the financial markets, resulting in massive withdrawals and significant investor losses amounting to billions of dollars.
In one day, the total value of all cryptocurrencies combined increased by an astonishing 5.4%, reaching a new high of $2.47 trillion. This significant gain reflects the optimistic sentiment prevailing in the crypto market as a whole. Several alternative coins experienced notable growth, with Toncoin jumping 17% to hit $7.20 and Internet Computer rising 11% to touch $13.
Bitcoin price Update: Is The BTC’s Sudden Move Topping $65,000 Sustainable?
With Bitcoin’s halving drawing near, market excitement builds up, leading investors to consider purchasing more in anticipation of prices reaching $70,000. Following a 24-hour low of $59,651, Bitcoin’s price now hovers above $65,000 during the European trading session on Friday.
A 15% increase in volume signals growing optimism and heightened trader activity. Additionally, a market capitalization boost of 5% to $1.28 strengthens Bitcoin’s standing as the dominant cryptocurrency.
Using the RSI indicator on the four-hour Bitcoin chart, the price’s upward trend aiming for $65,000 might last in the near future. This persistence could be reinforced if the excitement surrounding the halving event remains high.
Currently, Bitcoin’s price is being supported by the 50-day Exponential Moving Average (EMA) around $65,000. Yet, there’s a possibility of a brief dip to test the strength of buyers at the rising trendline.
Reaching a daily closing price above $65,000 serves as another indication of the ongoing bullish trend, potentially pushing the price toward $70,000 following the halving event. However, a red band on the chart signifies potential selling forces that could postpone the advance.
Bitcoin ETF Net Outflow Volume Shrinks
The increasing withdrawals from the Bitcoin ETF are pushing up prices and causing market instability, with the unease caused by geopolitical tensions in the Middle East adding to the uncertainty. For the first time ever, Iran directly targeted Israel with over 300 missile launches in retaliation.
Should the conflict in Western Asia intensify as a result of Israel’s possible response to an Iranian assault, global financial markets encompassing cryptocurrencies may experience further losses.
On Thursdays, the sum total of daily net withdrawals in the ETF market amounted to just $4.39 million according to SoSoValue’s data. Nevertheless, Grayscale continues to lead with significant outflows, recording a withdrawal of $89.99 million from its GBTC ETF on April 18th.
In recent times, there’s been a change in which ETFs have been bringing in the most investments. Fidelity has taken the top spot with an inflow of approximately $37 million, while BlackRock follows closely behind with around $18.76 million in new assets.
In the first quarter, the price of Bitcoin surged to a new all-time high of $73,737 on CoinGecko, primarily due to increasing interest in the Bitcoin ETF.
According to industry specialists, the increasing desire for the ETF and the effect of Bitcoin’s halving on the production of the precious digital currency could serve as key factors in triggering the next significant price surge. It is predicted that the value of a single Bitcoin will surpass $100,000 by the year 2024.
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2024-04-19 17:10