• Wed. Jun 12th, 2024

Price of Bitcoin Eyes $50,000, Spot Bitcoin ETF Reaches $255 Million

Maria Bartiromo

ByMaria Bartiromo

Jan 31, 2024

The price of Bitcoin today has set out to reward its loyal investors. It was gathered that those who took the risk to buy the dip when it exceeded $30,000 had the most reward. The BTC had gone below the $38,517 price lol level, only to regain its stand after a 12.15% gain to reach $43,200 – this happened a few hours during the United States business hours on Tuesday. 

There has also been some wave of stability spreading throughout the cryptocurrency market, with significant altcoins like Cardano (ADA), Ethereum (ETH), and Solana (SOL) experiencing a moderate upward trend at 6%, 2.4%, and 7.6%, respectively. 

The coming days have been predicted to be a make-or-break moment for Bitcoin, with some traders contemplating if its journey to $50,000 is still viable. A look into the Bitcoin community also gathered some fear amongst the pessimistic traders, with many improvising a drawback of $40,000.

What to Expect in the Price of Bitcoin This Week

Analysis on CoinGape says that the $39,000 downward trend suddenly ended when it reached the new $44,000 price level—the BTC is responding to a short-term price support of $43,000. The analysis suggests that any price break below this analysis may create instability in its journey to an upward trend.

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A consistent and steady sign of price weakness may compel most Bitcoin investors to postpone their initial plan for the latter as a way of getting as low a price as possible. Also speaking on the trend, John Isige from CoinGape explained that before Bitcoin moves to cast doom on the entire cryptocurrency market, it may consolidate between  $42,000 and (maybe) $44,000. 

Bitcoin ETF Products Raised $255 Million in Weekly Cumulative Inflow 

The most recent Relative Strength Index (RSI) is at 70 and showing some signs of collapsing into the neutral section; this means that sellers are beginning to measure up and have started making moves against the BTC.

The available weekly chart, published on the CoinGape platform, shows that the BTC struggles to confirm a bearish divergence. However, the most current market data has revealed that the BTC ETF products raised over $255 million in weekly cumulative inflow. Grayscale had the most significant outflows due to the official LL launch of its Grayscale BTC from its Bitcoin Trust services. 

Investors Reacts, Calls It a Critical Moment in Bitcoin History 

Rekt Capital, a famous cryptocurrency influencer, on the X handle, posted that the RSI, as published, has already started to press a bit below the red (downward) zone. Rekt Capital also said that the BTC’s next halving will drastically cut down miners’ rewards by half in no less than three months.

 Investors see this development as a critical moment since the price of Bitcoin has meticulously proven its ability to launch a bull run in the middle of the halving. It is also predicted that the pre-halving price rally, which often feeds on hype around a particular event, will trigger a major BTC price.

Michaël Van De Poppe, a popular cryptocurrency influencer and investor, also took to his social media handle to predict that Bitcoin may reach the  $50,000 price mark before the halving happens. On the other hand, the spot BTC ETF has continued to gain dominance since its launch in the United States earlier this month.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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