Bitcoin: Explosive start to the year for cryptos, BTC soars above $45k

© Reuters – After the end of 2023 was marked by correction, mainly due to profit-taking, the start of 2024 is proving to be explosive for the and other cryptocurrencies.

At the time of writing this article, the is in fact, at $45,400, up more than 7% over 24 hours, and the highest since April 2022.

This strength in the cryptocurrency market does not come from a weakness in the Dollar, the greenback having progressed on Monday in the face of a slight decline in the Fed.

The rise in Bitcoin and other digital assets is mainly due to speculation about the launch, possibly next week, of spot Bitcoin ETFs in the United States.

BTC is not the only crypto to benefit from this, showing an increase of almost 4%, while it gains 7.5%, and advances by 3%.

Regarding the next important events for Bitcoin, it should be noted that the economic calendar for this Tuesday will include few important indicators for cryptos.

On the other hand, tomorrow will be the occasion for the publication of the Fed Minutes, while Friday will host the NFP report for the month of December, two events which could largely impact the outlook for global markets, including cryptocurrencies.

Important technical thresholds for Bitcoin

From a graphical point of view, Bitcoin has therefore realigned with its underlying upward trend after spending most of the month of December in a triangle of indecision.

Bitcoin BTCUSD daily chart

Now, the $45,000 zone is immediate support, while on the upside, the March 2022 high at $48,160 will be the next potential hurdle, before the major threshold of $50,000.

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