Bitcoin Price Continues to Rise, Altcoins Show Modest Gains
Bitcoin’s price has seen a recovery of 12.15% after dipping below $39,000 and is now trading at $43,200. Other altcoins like Solana, Ethereum, and Cardano have also experienced modest gains.
What’s Next for Bitcoin Price This Week?
The recent uptrend toward $50,000 may continue, but there is a possibility of another price drop back to $40,000. Bitcoin appears to be holding firmly to short-term support at $43,000, and a break below this level could create uncertainty in the uptrend.
Bitcoin’s Resistance to Potential Losses
The presence of key moving averages suggests that Bitcoin may consolidate between $42,000 and $44,000, preventing potential losses to $40,000. However, the Relative Strength Index (RSI) shows signs of sellers catching up and making moves against Bitcoin.
Are Investors Preparing for a Bitcoin Pre-Halving Rally?
Bitcoin’s next halving event is expected in less than three months. Historically, BTC price has launched a bull run following the halving. There is speculation that Bitcoin could top $50,000 before the halving occurs.
Bitcoin Spot ETFs Gain Momentum
Bitcoin spot exchange-traded funds (ETFs) have gained momentum since their debut in the US. Market data reveals that these products achieved over $255 million in weekly net inflow. Grayscale’s outflows have also decreased since the launch of its GBTC ETF from the Bitcoin Trust product.
Hot Take: Bull Run Expected with Halving and ETF Uptake
The combination of Bitcoin’s upcoming halving and the uptake of spot ETFs could support the biggest bull run in BTC’s history. With 3% of Bitcoin’s supply already in ETFs, the worst of the selling pressure may be over.
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