{"id":574064,"date":"2024-02-08T19:30:56","date_gmt":"2024-02-08T19:30:56","guid":{"rendered":"https:\/\/uniquehot.com\/?p=574064"},"modified":"2024-06-11T07:25:18","modified_gmt":"2024-06-11T07:25:18","slug":"bitcoin-price-soars-smashing-through-45000-on-the-back-of-two-key-factors","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-soars-smashing-through-45000-on-the-back-of-two-key-factors\/","title":{"rendered":"Bitcoin Price Soars, Smashing Through $45,000 On The Back Of Two Key Factors"},"content":{"rendered":"

In the past 14 days, the Bitcoin price has displayed a significant uptrend of 14.5%, signaling a resurgence in<\/span> bullish sentiment<\/span><\/a>. This rally comes as Bitcoin spot exchange-traded funds (ETFs) have been trading for nearly a month, with the market already factoring in this development. As a result, Bitcoin is back on its natural course, gaining momentum ahead of the scheduled halving in April.<\/span><\/p>\n

Currently, Bitcoin has not only regained its bullish momentum after a brief dip to the $38,500 level but has also surpassed the $45,300 mark. It now edges closer to its <\/span>25-month high<\/span><\/a> of $49,000, with the $50,000 milestone within reach.\u00a0<\/span><\/p>\n

Achieving this level would significantly narrow the gap between the current price and Bitcoin’s all-time high (ATH) of $69,000. However, what are the main catalysts behind this uptrend, and how far can the Bitcoin price climb?<\/span><\/p>\n

Reduction Of GBTC Flows And Net Positive BTC Spot ETF Inflows<\/span><\/h2>\n

According to the latest analysis by QCP Capital, <\/span>two key factors<\/span><\/a> are driving Bitcoin’s upward trajectory:\u00a0<\/span><\/p>\n

Daily outflows from the Grayscale Bitcoin Trust (GBTC) have decreased from $500-600 million to $100-200 million. Simultaneously, total inflows across all Bitcoin ETFs are now positive.\u00a0<\/span>This shift in the GBTC flows, and the emergence of net positive BTC spot ETF inflows contribute to the current bullish trend, according to the crypto trading firm\u2019s analysis<\/span><\/p>\n

Related Reading: Ethereum Breaks Above $2,400: This Metric Points To Further Upside<\/a><\/div>\n

Additionally, notable price movements have been observed around \u201cspot ETF fixings.\u201d Between 3-4 pm EST, QCP has recorded that the Bitcoin price tends to tick higher, possibly due to the one-hour observation window used by the BlackRock ETF (IBIT)<\/a> to calculate its Net Asset Value (NAV)<\/span>.\u00a0<\/span><\/p>\n

Conversely, downward pressure is typically observed after 4 pm EST as GBTC employs a point fix, leading market makers to sell around and after the fix.<\/span><\/p>\n

Strong Performance In US Equities<\/span><\/h2>\n

Despite the Federal Reserve’s hawkish stance and higher US yields driven by robust February Non-Farm Payroll data (353k actual vs. 180k expected), US equities continue outperforming.\u00a0<\/span><\/p>\n

Companies like NVDA and META have rallied due to strong earnings and positive headlines. Underallocated investors will likely continue buying any equities dips as they chase returns.\u00a0<\/span><\/p>\n

According to the analysis, this bullish sentiment is expected to \u201cspill\u201d over into BTC and <\/span>Ethereum <\/span><\/a>(ETH), further fueled by the upcoming BTC halving and the ETH spot ETF narratives.<\/span><\/p>\n

Ultimately, the trading firm assesses significant interest in accumulators, which enable investors to purchase Bitcoin or ETH at a \u201csubstantial discount\u201d to the current spot price. This strategy is believed to present an attractive opportunity for bullish investors looking to build long positions throughout the year.<\/span><\/p>\n

Bitcoin Price Faces Strong Barriers On Its Way To $50,000<\/span><\/h3>\n

Despite the uptrend, notable resistance levels could impede further upward movement and potentially lead to a consolidation phase for Bitcoin.\u00a0<\/span><\/p>\n

To assess the nearest-term resistances accurately, the<\/span> 1-hour chart<\/span><\/a> indicates potential price paths for Bitcoin in the coming days if these bearish thresholds are breached.<\/span><\/p>\n

In the immediate time frame, the $45,500 level emerges as Bitcoin’s next resistance level. This level previously marked a correction in the Bitcoin price shortly after the introduction of ETF trading.<\/span><\/p>\n

\"Bitcoin
BTC’s uptrend on the daily chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Subsequently, the next target would be the $46,600 level if the immediate resistance at $45,500 is surpassed. However, while these two thresholds may present challenges, no significant resistance levels are evident on Bitcoin’s hourly chart until the $48,500 level.\u00a0<\/span><\/p>\n

This particular level represents the final hurdle for Bitcoin before reclaiming its previous high reached on January 11, immediately following the approval of ETFs by the US <\/span>Securities and Exchange Commission<\/span><\/a> (SEC).<\/span><\/p>\n

Related Reading: Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks<\/a><\/div>\n

Considering the combined factors of Grayscale’s reduced sell-off and the overall performance of the equity market, alongside renewed investor sentiment, Bitcoin could potentially surge to previous highs and even surpass them, marking new highs since the end of the crypto winter.\u00a0<\/span><\/p>\n

The key factor to be seen is how Bitcoin’s price will respond when encountering these highlighted resistance walls and whether the buying pressure will be sufficient to propel Bitcoin back on track toward the bullish momentum observed at the beginning of 2024.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In the past 14 days, the Bitcoin price has displayed a significant uptrend of 14.5%, signaling a resurgence in bullish sentiment. This rally comes as Bitcoin spot exchange-traded funds (ETFs) have been trading for nearly a month, with the market already factoring in this development. As a result, Bitcoin is back on its natural course, gaining momentum ahead of the scheduled halving in April. Currently, Bitcoin has not only regained its bullish momentum after a brief dip to the $38,500 level but has also surpassed the $45,300 mark. It now edges closer to its 25-month high of $49,000, with the $50,000 milestone within reach.\u00a0 Achieving this level would significantly narrow the gap between the current price and Bitcoin’s all-time high (ATH) of $69,000. However, what are the main catalysts behind this uptrend, and how far can the Bitcoin price climb? Reduction Of GBTC Flows And Net Positive BTC Spot ETF Inflows According to the latest analysis by QCP Capital, two key factors are driving Bitcoin’s upward trajectory:\u00a0 Daily outflows from the Grayscale Bitcoin Trust (GBTC) have decreased from $500-600 million to $100-200 million. Simultaneously, total inflows across all Bitcoin ETFs are now positive.\u00a0This shift in the GBTC flows, and the emergence of net positive BTC spot ETF inflows contribute to the current bullish trend, according to the crypto trading firm\u2019s analysis Related Reading: Ethereum Breaks Above $2,400: This Metric Points To Further Upside Additionally, notable price movements have been observed around \u201cspot ETF fixings.\u201d Between 3-4 pm EST, QCP has recorded that the Bitcoin price tends to tick higher, possibly due to the one-hour observation window used by the BlackRock ETF (IBIT) to calculate its Net Asset Value (NAV).\u00a0 Conversely, downward pressure is typically observed after 4 pm EST as GBTC employs a point fix, leading market makers to sell around and after the fix. Strong Performance In US Equities Despite the Federal Reserve’s hawkish stance and higher US yields driven by robust February Non-Farm Payroll data (353k actual vs. 180k expected), US equities continue outperforming.\u00a0 Companies like NVDA and META have rallied due to strong earnings and positive headlines. Underallocated investors will likely continue buying any equities dips as they chase returns.\u00a0 According to the analysis, this bullish sentiment is expected to \u201cspill\u201d over into BTC and Ethereum (ETH), further fueled by the upcoming BTC halving and the ETH spot ETF narratives. Ultimately, the trading firm assesses significant interest in accumulators, which enable investors to purchase Bitcoin or ETH at a \u201csubstantial discount\u201d to the current spot price. This strategy is believed to present an attractive opportunity for bullish investors looking to build long positions throughout the year. Bitcoin Price Faces Strong Barriers On Its Way To $50,000 Despite the uptrend, notable resistance levels could impede further upward movement and potentially lead to a consolidation phase for Bitcoin.\u00a0 To assess the nearest-term resistances accurately, the 1-hour chart indicates potential price paths for Bitcoin in the coming days if these bearish thresholds are breached. In the immediate time frame, the $45,500 level emerges as Bitcoin’s next resistance level. This level previously marked a correction in the Bitcoin price shortly after the introduction of ETF trading. Subsequently, the next target would be the $46,600 level if the immediate resistance at $45,500 is surpassed. However, while these two thresholds may present challenges, no significant resistance levels are evident on Bitcoin’s hourly chart until the $48,500 level.\u00a0 This particular level represents the final hurdle for Bitcoin before reclaiming its previous high reached on January 11, immediately following the approval of ETFs by the US Securities and Exchange Commission (SEC). Related Reading: Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks Considering the combined factors of Grayscale’s reduced sell-off and the overall performance of the equity market, alongside renewed investor sentiment, Bitcoin could potentially surge to previous highs and even surpass them, marking new highs since the end of the crypto winter.\u00a0 The key factor to be seen is how Bitcoin’s price will respond when encountering these highlighted resistance walls and whether the buying pressure will be sufficient to propel Bitcoin back on track toward the bullish momentum observed at the beginning of 2024. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":574067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,532,90555,91160,9960,656,679,6047,680,6596,7434,6939,7756,755,768,1119,1144,8390,78790,6664,1558,6217],"class_list":["post-574064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-bitcoin-price-break","tag-bitcoin-price-daily-chart","tag-bitcoin-price-news","tag-bitcoin-signals","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-latest-bitcoin-news"],"acf":[],"yoast_head":"\nBitcoin 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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