Crypto price spike improves market sentiments among traders

  • February 6, 2024
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Taking the cue from the latest crypto price spike, a mini Bitcoin rally took BTC to almost $43,500 on February 5, although bulls couldn’t sustain the price strength.

A Bitcoin price analysis in the last 24 hours indicates generally improving sentiments, although bears are still active at $43,000. On February 5, a sudden crypto price spike occurred across the market. As a result, a mini Bitcoin rally ensued, which took BTC’s price to around $43,500. Even though the momentum did not continue, BTC is still trading with $43,000 as its new support.

In the next few weeks, crypto traders could aim to consolidate BTC above the $43,000 mark. Meanwhile, the rally in the market also helped other altcoins see a gain. ETH climbed by around 1%, while others like MATIC and LINK were also in the green. Ethereum’s market cap was firmly trading above $275 billion.

Meanwhile, Cathie Wood from asset management firm ARKInvest affirmed her bullish stance on BTC. She said, “Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue now that there is a less friction-filled way to access Bitcoin.”

With their gradually increasing inflows, the spot Bitcoin ETFs could also be a major factor for higher investments in BTC. A surge in their volumes could likely occur with easier exposure to the crypto market with the ETFs.

BTC/USD 1D price chart

Bitcoin is currently trading at around $43,000 on February 6, 2024, with BTC/USD trading higher by a margin of 0.6% in the last 24 hours. Bitcoin’s market cap was trading at around $843 billion.

BTC/USD is trading higher than its 20-day EMA (42,433.58), as BTC’s 24-hour volume was at around $17 billion. The crypto market cap increased by around 0.07%, trading above $1.65 trillion. BTC’s year-to-date returns are at 2.58%.

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