End of the hype around Bitcoin and cryptocurrencies? – Operators speculated around spot Bitcoin ETFs until these investment vehicles were validated. However, the latest report from the JP Morgan bank shows a lack of interest in artificial intelligence.
The price of Bitcoin continues to break resistance one after the other and is approaching $50,000. BTC was one of the best performing assets of 2023, and the trend shows no signs of slowing down. Here is today’s newsletter!
Bitcoin price rises 2% in 24 hours
L’rise of Bitcoin continuesit is currently evolving beyond $47,000. Indeed, the price of Bitcoin climbs 2% in 24 hours and almost 10% in one week :
All the lights are green for BTC. It shows an increase in 2% in one monthof 28% in three months and of 60% in six months. BTC also allows itself to outperforming ETH for over six months.
The price of Bitcoin confirms that it is the king of cryptocurrencies
Since the start of 2023, BTC has shown a solid dynamics. As he furtively passed beneath the $40,000 after the validation of spot Bitcoin ETFs, it is already return beyond $45,000. At this rate, BTC could soon return to the level of $50,000. For the moment, the Bitcoin captures capital :
Data from The Block site shows that the Bitcoin is the king of cryptocurrencies. It displays a 100% increase in 12 months and significantly outperforms Ethereum and DeFi altcoins (UNI, AAVE, MKR, CRV, etc.). Indeed, ETH is up 50%and the sector of DeFi shows a slight increase over twelve months (+ 5%). Capital flows primarily to BTC, then to large-cap altcoins like Ethereum or Solana. Generally speaking, capital tends to flow towards large-cap assets first, and then towards lower-cap altcoins.
Bitcoin price breaks $46,000 and joins resistance at $47,500
Since the bullish exit from contraction (yellow triangle), the price has experienced a significant increase exceeding 10%. The course has broke resistance at $44,000then the one to $46,000 to join the $47,500 :
Will BTC stop there? In case of rejectionthe price could return to the level of support at $46,000. On the other hand, a breakage of resistance could bring the price back to the level of last high marked at $49,000or even at the level of next resistance beyond $50,000. The RSI is in the overbought zone, but it continues to show a bullish momentum. THE buyers have their hands on the momentum.
While speculation around spot Bitcoin ETFs is over, BTC remains very strong and is closing in on $50,000. For the moment, it is the king of cryptocurrencies, it notably outperforms ETH and the DeFi altcoins. Will BTC mark a new high in 2024 in the coming days? At the same time, ETH could soar beyond $2,400.
BITCOIN NEWS THAT COUNTS
- Despite some problems with American justice, Binance remains the number 1 platform. It allows you to invest in several hundred tokens, and the daily volume is 75 billion dollars.