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Bitcoin Breaks Above $45K, Traders Predict a Possible $50K Push
It's the highest price since the day after the new spot ETFs opened for trade.
Updated Mar 8, 2024, 9:17 p.m. Published Feb 8, 2024, 3:10 p.m.
Bitcoin , the world's largest cryptocurrency by market value, has pushed above the $45,000 mark for the first time since the day after the spot ETFs began trading on Jan. 11. At press time, BTC was higher by 4.9% over the past 24 hours to $45,034, modestly outperforming a 4.4% rise for the broader CoinDesk 20 Index.
"Breaking $45,000 allows early investors who piled on the bitcoin ETF to be almost in the money, if we continue this ascent we may even see some profit taken and could trigger a reversal where the $42,000/$40,000 level may be tested," said Laurent Ksiss, crypto ETP specialist at CEC Capital.
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In contrast to Kssis, LMAX Digital said in a morning note to investors that it expects to see bitcoin climb higher, possibly reaching the $50,000 level. "Technically speaking, bitcoin has broken out of a range and could be looking for a push to a fresh yearly high through $50,000."
Ether was also on the move, rising 3% to reach a two-week high after asset managers Ark Invest and 21Shares yesterday amended their joint spot ETH ETF filing.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
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What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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