Outlook for crypto improves as BTC breaks free of tight range

  • February 8, 2024
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After days of trading in a consolidated range, Bitcoin finally staged a breakout, leading to a rally across multiple tokens and improving the overall outlook for crypto.

Bitcoin was trading in a close range for over a week, leading to uncertain predictions in the crypto market. On February 7, it went upwards with renewed strength and surpassed $44,000 comfortably. The positive movements have improved the general outlook for crypto. At the same time, crypto market volatility also faced a sharp uptick.

Other crypto tokens were also in the green with the overall market rally. ETH rose by over 2%, going close to $3,000. On the other hand, SOL, BNB, ADA, and LINK also saw big gains. Weekly returns of several tokens turned positive, while BTC also posted around 5.5% seven-day returns.

Institutional investors’ interest in BTC has gradually gone up over time. MicroStrategy, a BTC proponent, recently announced its position on crypto. According to the report, it picked up more quantities of BTC and currently holds 190,000 BTC. The rising crypto market volatility has thus failed to dent investor sentiments.

Michael Saylor, Executive Chairman of the firm, had said earlier, “2024 is the year of the birth of Bitcoin as an institutional-grade asset class, in fact, it’s the first new asset class of the modern era.” Thus, the optimism in the market could be set for a longer run in the years ahead.

BTC/USD 1D price chart

Bitcoin is currently trading at around $44,500 on February 8, 2024, with BTC/USD trading higher by a margin of 4% in the last 24 hours. Bitcoin’s market cap was trading at around $873 billion.

BTC/USD is trading higher than its 20-day EMA (42,285.98), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap increased by around 3.25%, trading above $1.7 trillion. BTC’s year-to-date returns are at 6.25%.

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