Guess what’s happening in the cryptocurrency world? Year of the Dragon , full of strength and luck , in the Chinese lunar calendar decided to flex its muscles on February 10, 2024. Now, you’d think this mighty symbol would give Lunar, currently chilling around $0.004979, a boost, right? Nope! Instead, it’s like Bitcoin said, “Move aside, Lunar, I’m reclaiming the throne!” Bitcoin’s strutting around above $45,000 again, showing off since January 12, when spot ETFs started trading. Who knew dragons were into Bitcoin?
Source : CNN
According to data from Infinite Market Cap as reported by Odaily Planet Daily News, Bitcoin has once again entered the top ten list of the world’s most valuable assets by market capitalization, surpassing Berkshire Hathaway. With a current market value of roughly $949.8 billion, Bitcoin now holds the 10th position globally, ahead of Berkshire Hathaway, valued at about $863.28 billion. The asset immediately above Bitcoin on the list is Meta Platforms, with a substantially higher market capitalization of approximately $1.193 trillion.
Source : Infinite marketcap
The surge in Bitcoin’s price could be attributed to large Bitcoin holders, known as whales, accumulating more BTC. The Bitcoin rise is powered by what analysts said was a flurry of buying ahead of April’s halving event and as recent outflows from exchange-traded funds slowed.
Reports from Bitfinex suggest that the recent challenges faced by BTC may have been due to increased selling by miners or using Bitcoin to raise funds before the halving event, which is expected to reduce their profits. However, data from Glassnode indicates that the number of Bitcoin wallets holding over 1,000 BTC has increased by 3.6% from 1,992 wallets on January 19 to 2,064 on February 6.
Source : Glassnode
From a trading perspective, analyzing the BTCUSD pair on the daily timeframe reveals a sideways movement between $48,863.70 as the resistance and $38,555.42 as the support since January 11, 2024, to February 12, 2024. A breach of the resistance suggests bullish momentum, while a rejection may lead to a bearish momentum towards the support level.
Source : BTCUSD Daily Chart , Metatrader 4
On the 4-hour chart, Bitcoin has exhibited an upward trend, currently hovering around $48,104.05. A trendline originating from $38,560.96 rejected price at higher low $42,300.78 after retracing from $43,902.68. The subsequent upward movement propelled prices to $48,104.05. A breakout below the trendline indicates a potential trend reversal, suggesting further downside movement, while a rejection implies potential upward continuation.
Source : BTCUSD 4HR Chart , Metatrader 4
Source :
https://amp.cnn.com/cnn/travel/chinese-zodiac-predictions-2024-intl-hnk/index.html
https://cointelegraph.com/news/why-is-bitcoin-price-up-today
