Crypto price rally cools down after sharp jump on January 11

  • January 12, 2024
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Bitcoin has considerably slowed and settled above the $46,000 trading level in the last 24 hours, making the latest crypto price rally settle with relatively lower volatility.

Bitcoin had almost touched $48,000 in a dramatic crypto price rally hours after the spot Bitcoin ETF approvals. The rally has since slowed, but BTC’s support is balanced over $46,000. In the upcoming weekend, bulls might attempt to continue the momentum. Meanwhile, they could also aim for a fresh price breakout next week.

The spot Bitcoin ETFs saw total volumes of $4.5 billion on the first trading day. The number could only rise steadily in the next few days and year-round, with higher investors’ interest. iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin ETF, witnessed the highest volumes, i.e., 1 billion, or 22% of the overall volume.

Other key players in financial services, like Goldman Sachs, have also claimed that ETFs may help Institutional investors. They listed the benefits of the ETFs, which specified, “investor protection afforded by ETFs, better liquidity compared to BTC access via private funds, given the ability to trade in and out; lower tracking error in comparison to close-ended funds and trusts.” 

Moreover, the spot Bitcoin ETFs will continue attracting new crypto market investors. As a result, BTC may continue to rise and hit $50,000 in the next few months.

BTC/USD 1D price chart

Bitcoin is currently trading at around $46,000 on January 12, 2024, with BTC/USD trading higher by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $901 billion.

BTC/USD is trading higher than its 20-day EMA (44,045.39), as BTC’s 24-hour volume was at around $43 billion. The crypto market cap increased by around 1.24%, trading above $1.77 trillion. BTC’s year-to-date returns are above 10.47%.

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