Bitcoin and Ethereum Prices Make Another Leap Higher Today
After consolidating around the $52,000 level for two weeks, it seems like Bitcoin is resuming the uptrend again, as the BTC price has climbed to $53,500, breaking above the range. BTC/USD experienced some decent bullish momentum today, reaching its highest levels in more than two years. After a month-long upward trajectory, it temporarily paused on February 15, forming a narrow trading range between $50,000 and $53,000. However, it has since broken out to the upside, driven by renewed interest following Microstrategy’s substantial $150 million bitcoin purchase.
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However, the whole crypto market is experiencing demand today, with Ethereum also surging in value today, rising by around 8%. This increase is largely attributed to anticipation surrounding the possibility of an Ethereum exchange-traded fund (ETF). For Bitcoin, one of the factors contributing to the bullish momentum is the upcoming halving event, scheduled to occur approximately two months from now. This event will reduce the rate at which new Bitcoin coins are generated, thereby limiting the coin’s supply and increasing demand.
Bitcoin H4 Chart – BTC Pushing Above the Previous High
Many investors view this as a bullish signal that could potentially propel Bitcoin to new all-time highs, especially as we enter those waters now, with the BTC price heading for $55,000. Moreover, Bitcoin’s correlation with equities, such as the S&P 500 index, is worth noting. While the index is experiencing a modest retreat today, down by 0.1-0.2% in subdued trading, certain individual stocks like Nvidia are showing signs of stalling after recent rallies, Bitcoin is making strong gains. This correlation suggests that broader market sentiment and developments in the tech sector can influence Bitcoin’s price movements, however today they’re not affecting crypto too much.
Overall, Bitcoin’s recent breakout from its consolidation phase, coupled with positive developments such as the anticipation of the halving event, indicate a bullish sentiment in the cryptocurrency market. We are following the price action for a retreat. so we can buy BTC and ETH.
Bitcoin Live Chart
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